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@reonarudo
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I agree that requiring KYC only on a single address is completely useless. But what the US government could do is force every exchange under its jurisdiction to only accept transfers form whitelisted addresses. For an address to be whitelisted it would have to be KYC'd and its entire history would have to be free from any interactions with un-KYC'd addresses.

Then the only way to convert balances in non-whitelisted addresses into fiat in the US would be to use them for buying mining power from a foreign pool than accepts coins not whitelisted by US regulators. Of course, the US government could blacklist any addresses used by that mining pool to block that loophole but it is unlikely that they could blacklist all loopholes at once.

I discussed regulating DeFi in my latest post. There's more to that if you're interested.

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