Thread by @WeissCrypto

1/ So. #Cardano curators decided to advance regulatory compliance of $ADA token, partnering with #Coinfirm, provider of (#AML)anti-money-laundering analytics.

Bad move all around, disappointing. Here's why: (THREAD)

2/ The excessive regulation is how the banking system was choked to death. With this announcement, it would seem #ADA is proudly announcing they want to follow in their footsteps.

3/ While still a free and decentralized network, this brings #Cardano closer to becoming a censorship-prone, politicized, and manipulated network. If you're going down this route, there are far better tools for the job - Facebook's Diem, #CBDCs and the networks they'll spring up.

4/ The whole point is to build a new financial and economic layer, free from the control and repression of those who have brought our world economy to the brink of total failure, able to be sustained only by excessive and aggressive centrally planned intervention.

5/ This move is the exact opposite of that, as it is well known that so-called "AML" laws are put in place by the high priests of finance to ensure nothing escapes their view. As we said in the intro, bad move all around, disappointing.

6/ Not to say that certain projects shouldn't be compliant with regulatory frameworks - as contradictory and loophole-ridden as they are - but the onus SHOULD be on individual projects, not decentralized networks to adopt these.
Base layer must stay neutral and apolitical.

7/ Here's the main point, and something all crypto projects need to be aware of:

The established financial elites will NEVER accept the new kid in the block AKA the crypto industry. If you play by their rules, that will only guarantee your demise.