Allegations of criminal misuse of CashApp are another opportunity to rethink how money has been politicized – and reaffirm the importance of crypto as an alternative, davidzmorris writes. Opinion for 'The Node' newsletter
Neither of these is a good thing. But blockchains have at least two major advantages in the discussion of financial enforcement. The first, and most immediately important, is transparency. Most public blockchains retain records of all transactions, and sleuths can often follow the trail to the really bad guys.
Both banks and corporate rails like Cash App are relatively opaque by comparison, their workings accessible only to law enforcement and regulators backed by state power – if then. That makes it much more likely that enforcement will be a game of selective whack-a-mole, with politics potentially affecting who gets bopped first and hardest.
Crypto offers a framework that removes both selective censorship and the profit motive from financial infrastructure, cutting the Gordian knot of politicized payments. Bitcoin miners don’t have the individual power to block payments on the network. That puts responsibility for controlling what people do with their money back in the hands of law enforcement where it belongs.
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