He suggested that existing laws such as the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules are outdated and potentially unconstitutional.
He added:
“My hope is there is a constitutional challenge to BSA/AML laws, or congress decides to review it at some point. We’re in a much different world than when it was enacted in 1970, and it arguably violates the fourth amendment, protecting us from unreasonable searches and seizures.”
Despite Armstrong’s claims, Coinbase faces increased public scrutiny and a reported federal investigation, following concerns about how it handled the situation.
Monahan said:
“Every investigator under the sun has been feeding your various teams evidence of these insane thefts and insiders for over 6 months. We persisted even as your teams explicitly gaslit us, chasitized us for not being ‘polite enough, and called us toxic.”
