This is about financial institutions protecting themselves from regulators. Higher risk clients get higher rates or excluded- some just aren’t worth the risk. Different banks have different risk tolerance, and certainly that varies per locale as well. Rules that are locale-specific are hard to accommodate.
Crypto is a solution if you believe that crypto is regulator-proof. I’m inclined to not think it is. Sure, Monero, etc. As soon as “Terrorists” are using it, regulators will find a way to monitor, control, outlaw, or even break it. By any means necessary.
I see 3 approaches:
- find a way to make locale-specific compliance easier for enterprises. Locale is hard with anon web traffic, and maybe other systems as well.
- make a national law for sex worker payment rights. Banks are good at complying with national laws. Our current political climate may not permit this.
- weaken the power and scope of US financial regulators. Certainly those affected by SWIFT sanctions would love to see it, I’m sure. Our current administration is very committed to keeping and enhancing its resources and reach.
Crypto is a solution if you believe that crypto is regulator-proof. I’m inclined to not think it is. Sure, Monero, etc. As soon as “Terrorists” are using it, regulators will find a way to monitor, control, outlaw, or even break it. By any means necessary.
I see 3 approaches: - find a way to make locale-specific compliance easier for enterprises. Locale is hard with anon web traffic, and maybe other systems as well.
- make a national law for sex worker payment rights. Banks are good at complying with national laws. Our current political climate may not permit this.
- weaken the power and scope of US financial regulators. Certainly those affected by SWIFT sanctions would love to see it, I’m sure. Our current administration is very committed to keeping and enhancing its resources and reach.