Citadel Summer Episode 18: Importance of nonKYC

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The foundation of KYC/AML (Know Your Customer/Anti-Money Laundering) was laid down by the U.S. Bank Secrecy Act (BSA) of 1970. Just one year before Nixon closed the Gold window and ushered in the current Fiat money age.

Don't be fooled by the window dressing. KYC is not about stopping money laundering or terrorism financing. It's about making it easier for creditors to collect on defaults. It's because settlement takes days, weeks or months in the current system. Bitcoin fixes this. KYC does not survive the fiat apocalypse. Nor do nation states. Stack sats.

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