ydeligli

@ydeligli

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So true! I remember making the same analogy with Product Hunt years ago. Both are like daily vitamins for curiosity.

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“There’s a fundamental difference. A CBDC is a direct liability of the central bank while a stablecoin is a liability of the issuer. This has huge consequences,” digital asset researcher Anderson wrote.

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“The recent market correction, with significant liquidations (especially in assets like Solana) and a drop in total crypto market cap to $3.13 trillion, points toward possible capitulation as overleveraged positions are flushed out,” Pellicer told Cointelegraph.

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Bybit processed more than 350,000 withdrawal requests in the 10 hours after the exploit, according to Bybit co-founder and CEO Ben Zhou.

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allvahao07 pfp

The 21st century brought a tighter clampdown. After 9/11, the USA PATRIOT Act (2001) demanded comprehensive Customer Identification Programs. Europe followed with successive AML Directives, gradually getting more sectors, including crypto exchanges, under KYC requirements. Over time, “KYC” became a universal norm — a checklist for any institution deemed part of the regulated financial system.

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allvahao07 pfp

The rules hit our wannabe anonymous crypto ecosystem with full force. Centralized exchanges now require ID documents, selfies and proof of address, echoing traditional finance. KYC frameworks now shape the user experience at many crypto on- and off-ramps, slowly approaching the decentralized finance (DeFi) space.

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From a regulator’s standpoint, KYC makes sense: If you want the protection of a regulated market, you must monitor suspicious activities. If crypto wants real-world integration — tokenizing tangible assets, bridging traditional banks and satisfying institutional investors — there are norms to be followed.

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Yet the Libertarian or cypherpunk perspective sees KYC as an invasive overreach. Criminals can still exploit loopholes, while honest users are treated like suspects. The average user feels hassled by ID checks at every turn. Meanwhile, personal data collected under KYC often ends up leaked or hacked, exposing users to identity theft.

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Let’s face it: Crypto is still full of scams and rug pulls. KYC can help crypto earn legitimacy. KYC controls reassure newcomers that some basic standard of accountability exists. Also, the more real-world assets (RWAs), such as property titles or tokenized securities, are ported onchain, the more regulators will demand some identity proof to mitigate fraud and ensure legal enforceability, preventing an ownership vacuum on the physical level.

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nienaeh5 pfp

KYC is also an outdated solution that is now imposed on cutting-edge technology. DeFi protocols are decentralized code, not transacting intermediaries. True DeFi protocols can’t run away with your money. The “KYC or bust” model is awkward at best and lacks regulatory diligence at its worst. They also diminish the effects of other regulations like privacy protections, which lack impact on deterring serious crime but often burden honest users and create data-honeypot risks.

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Zero-knowledge (ZK) proofs and privacy-preserving tools can help. Services like ZK-based identity checks enable people to validate specific facts without exposing all their data, similar to Privado.ID or zkPassports could help prove someone’s eligibility without the delicate paperwork.

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Rather than always “Knowing Your Customer,” we might shift toward “Knowing Your Peer.” In true DeFi, peer-to-peer interactions dominate. If a business needs to ensure compliance, it can selectively verify a counterparty’s attributes without revealing or storing the identity.

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Onchain transparency allows for reputation systems. You might judge a counterparty’s trustworthiness by past transactions rather than passport photos. Tools like Chainalysis can tag suspicious addresses, while credit-scoring protocols rely on verifiable history. Combined with ZK-proofs, we could create a self-regulated ecosystem where bad actors are naturally filtered out.

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andarme92 pfp

The optimistic hope is that, by self-regulating, we can filter out bad actors and convince policymakers that crypto doesn’t need to be forced into legacy frameworks. Yet it still can achieve the same or even better outcomes.

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Trump’s order created a crypto working group led by White House AI and crypto czar David Sacks to come up with a legal framework for crypto and stablecoins, along with studying the possible creation of a national crypto stockpile.

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As currently enforced, KYC might linger in centralized exchanges and custodial solutions in places where legacy regulators have a clear line of sight. Across DeFi, however, we can experiment with alternative models. Instead of mandating complete identity checks, we can rely on cryptographic proofs, selective disclosures and reputation systems and stay on the right side of the law and ethics without punishing everyone else.

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That won’t magically solve regulatory acceptance, but it may demonstrate that decentralized, privacy-respecting methods can achieve similar aims. Over time, regulators might accept these new methods if they see effective results.

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Binance.US, the US-based affiliate of global cryptocurrency exchange Binance, has resumed US dollar deposits and withdrawals following nearly 18 months of restrictions, citing regulatory clarity.

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US dollar services are back on Binance.US for US customers, including deposits and withdrawals via bank transfer (ACH), according to a Feb. 19 announcement from Binance.

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