Comment by lmm
4 months ago
Yep. His explanation of the details is somewhat interesting, but his insistence on ascribing all moral responsibility to customers, governments, or random bystanders because none of this could possibly be anyone in the banking industry's fault is infuriating.
I mean, he is correct though. The laws exist and financial institutions need to follow them, or else Binance happens.
Financial institutions are far from passive bystanders in the legal process that creates those laws, much less the regulatory process that applies them in practice. Binance is frankly probably the lesser evil at this point.
> Financial institutions are far from passive bystanders in the legal process that creates those laws, much less the regulatory process that applies them in practice. Binance is frankly probably the lesser evil at this point.
Ok, help me understand here. Like, the laws are passed by governments. The financial institutions complain but comply to some extent. How does this benefit said financial institutions? Or am I missing something here?
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