Coinbase Tells US Treasury Old AML Rules Are 'Broken,' Pushes Tech Fixes for Crypto Crime

Safe Harbors for AI:
Coinbase is advocating for the implementation of safe harbors for artificial intelligence (AI) in the crypto industry. This would provide protection for companies using AI in their compliance processes, as the technology is still relatively new and constantly evolving. Safe harbors would allow for more experimentation and innovation in compliance, which could lead to more efficient and effective systems. This could lead to improved customer experiences and better overall compliance practices in the industry. Recognition for Blockchain Analytics:
One of Coinbase's main goals is to have blockchain analytics recognized as an official compliance tool. Currently, there is no standard for how blockchain analytics are used in compliance processes, which can lead to inconsistency and confusion. By establishing industry standards and guidelines for the use of blockchain analytics, Coinbase hopes to improve compliance practices and build trust with regulators and customers. Adoption of Zero-Knowledge Proofs:
Coinbase is also pushing for the adoption of zero-knowledge proof technology in compliance processes. This cryptographic technique allows for the verification of data without revealing sensitive information, which can help protect the privacy of customers while still meeting compliance requirements. Zero-knowledge proofs could also help streamline compliance processes and reduce costs for companies, making it a win-win for both businesses and regulators. Replacing Outdated Compliance Systems:
In addition to advocating for new technologies, Coinbase also recognizes the need to replace outdated compliance systems in the industry. Many current systems are manual and time-consuming, making them inefficient and prone to human error. By implementing new technologies such as AI, blockchain analytics, and zero-knowledge proofs, Coinbase hopes to modernize compliance processes and make them more accurate and efficient. Trending Hashtags:
To keep up with the latest news and discussions surrounding crypto compliance, be sure to follow hashtags such as #CryptoCompliance, #ComplianceTech, and #RegTech on social media. These hashtags can provide valuable insights and updates on the latest developments in the industry. Additionally, following popular crypto tickers such as BTC, ETH, and XRP can also help you stay informed on compliance issues specific to these cryptocurrencies.

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