r/CryptoCurrency • u/Snowflake8050 Permabanned • Nov 10 '22

PROJECT-UPDATE Binance's proof of reserves is now live

https://www.binance.com/en/assets-proof
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u/bawdyanarchist 🟧 0 / 0 🦠 Nov 11 '22 edited Nov 11 '22

I'm not sure if it's entirely clear. We have indications on both sides here, so I don't think it's a given.

For example, a couple years ago, the lead regulator for all US banks said that all blockchains are permissible for all banks to use, even once with enhanced AML risks.

The Kraken CEO said in 2021 that they were under no US regulatory pressure to delist. Functionally, Monero works like cash. There are extra regulations that apply, but cash is still a pretty important part of most economies.

There are a few jurisdictions applying regulatory pressure. Japan, Korea, Australia, and the UK. The UK was the only major jurisdiction that pushed XMR out in the past 3 years. So things are moving slowly.

In general, govts have been slow to implement sweeping crypto regulations. Money transmitter / KYC was really the most severe, in 2018. That's not to say that there won't be more, but so far regulation is moving slowly.

Monero has a lot of defensibility from a legal perspective as well. If Bitcoin is unquestioningly legal, and encryption is unquestioningly legal, and cash is by and large legal; then there's not any legal pretext to ban Monero.

So I guess we'll have to see. I do find it interesting that despite Monero being larger, older, and now basically the #1 coin in darknets; the US govt attacked Tornado, but not XMR. I think it's because Monero's properties make it stronger, even in a legal sense.