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The Elephant in Room: Flow of Funds in Crypto

How much good and bad is coming out of the crypto trading is up for debate, but given the grey market structure of crypto there is no question that tracking the activity is challenging and potentially not aligned with the mission statement of the USA Patriot Act https://www.patriotbankfl.com/legal/usa-patriot-act  Then again, the purpose of the Patriot Act is to monitor illegal trafficking in  the banking system. Specifically  section “US Section 326 of the USA PATRIOT Act requires financial institutions to obtain, verify, and record information that identifies persons who open accounts or make changes to existing accounts. This applies to new and existing customers alike. The USA PATRIOT Act assists the U.S. government to thwart money laundering and the funding of terrorist groups.”

But wait – realistically aren’t there millions –  if not billions/trillion of dollars of transactions that take place in US Dollars? As a financial professional who holds a series 7, 65  licences I honor the Patriot Act,; however, I just wonder about the accuracy of some of the trading platforms in terms of double counting. I do not wonder about the amount of bitcoin or whether blockchains works. This is a different issue. Neverthless, I share the attached article for those who want to learn more about the debate and issue. .https://zycrypto.com/criminals-use-usd-illicit-affairs-cryptocurrency-says-us-treasury/ 

According to Zycrypto.com, “The United Nations Office on Drugs and Crime has said that annual illicit proceeds total more than $2 trillion worldwide. Blanco pointed out some of the money laundering threats like illegal cash, trade-based money laundering, illicit banks use, prepaid access cards, and digital currencies.”

Recently, however, I also read to interesting articles that makes a contrasting positive point  points on this very “Elephant in the Room’ question. The positive article states that over $100 million dollars since 2015 has been given away to charities https://www.coindesk.com/fidelitys-charity-arm-has-received-more-than-100-million-in-crypto-since-2015

I don’t know the answers to all the rhetoric, but I feel good that some of this new found wealth and luck has been shared.  The $100 million worth of crypto may not change the world, but it will certainly make it better!

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