Alexi Solit 🤙🏾🌐 3️⃣ 🦄

American and European banks have paid a combined $340b in fines since 2008, equal to the GDP of Colombia. One interpretation of this astonishing figure is that financial compliance as designed has failed. Another is that it has worked exactly as intended -- for the politicians and bankers. Bankers like Jamie Dimon might complain, but they secretly love laws like the BSA because they provide a moat. The ROI on the occasional $1b fine is astronomical in terms of preventing competition. Politicians like @SenWarren love these failed policies because they generate revenues for the government and provide a backdoor to extra-constitutional censorship. There are many legal activities in America for which one cannot get a bank account. But here's the kicker: the true cost of this broken framework is borne by the poor, minorities, and other marginalized people progressives supposedly care about. The banking system Warren and her ilk prefer is for the rich and powerful. And here's the second kicker: Crypto is the exception. It has disproportionate adoption among the poor and marginalized. Even in the US, it's the rare asset class where blacks are disproportionately represented. Perhaps next time she's on CNBC @andrewrsorkin can ask the good Senator why her operating assumption is that the tiny system that serves minorities is rife with terrorism and crime, while the much larger legacy one that caters to everyone else is not. Is this not the ultimate bigotry?