In this conversation, OpnState shares his journey from a disillusioned banker to a policy advisor focused on compliance and anti-money laundering (AML) laws. He discusses the complexities of financial regulations, the erosion of individual rights, and the impact of global standard-setting bodies like the FATF on national sovereignty. OpnState emphasizes the presumption of guilt in financial transactions and the challenges posed by compliance culture, while also addressing the future of self-hosted wallets and the potential for pushback against globalist interests.
Stephan & OpnState also discuss the dangers of delegating self-sovereignty to political figures and the compliance mindset that has permeated society. There is a need to explore cultural change, legal and political paths to challenge the FATF, and the importance of creating alternative systems; this could be achieved through individual responsibility.
Takeaways
🔸Open State transitioned from banking to policy to make a difference.
🔸He highlights the misaligned incentives in traditional banking.
🔸The FATF plays a significant role in shaping global financial regulations.
🔸Compliance laws often lead to a presumption of guilt for all clients.
🔸There is a concerning loss of sovereignty for countries due to global standards.
🔸The culture of compliance is pervasive and stifles individual freedoms.
🔸Self-hosted wallets are at risk of increased regulation.
🔸Countries often have no say in the regulations they must follow.
🔸The effectiveness of AML laws in reducing crime is questionable.
🔸There is potential for nationalist movements to push back against globalist regulations. We are delegating our self-sovereignty to politicians.
🔸The compliance mentality is pervasive in society.
🔸Cultural change is necessary to challenge compliance.
🔸Legal paths to change the FATF are limited.
🔸Creating alternatives to the FATF is essential.
🔸Individual choices can drive societal change.
🔸Choke Point 2.0 represents a significant threat.
🔸Complacency can arise from temporary regulatory relief.
🔸We must take responsibility for our own freedom.
🔸Society needs to shed the virus of compliance.
Timestamps:
(00:00) - Intro
(00:34) - Who is OpnState?; His disillusionment with traditional Banking
(05:46) - What is the role of Compliance and AML laws?
(08:17) - Information sharing & Privacy concerns
(12:36) - Guilty until proven innocent?
(16:56) - The growing ‘compliance culture’ & its implications
(20:05) - What is the FATF?; Only ~10 countries control the rules
(24:39) - Sponsors
(26:57) - Why does the Travel Rule affect the future of self-hosted wallets and Bitcoin?
(30:19) - What goes into making FATF definitions?
(34:05) - What are the dangers of delegating self-sovereignty?
(37:29) - Implications of nations embracing the ‘Compliance Mindset’
(43:20) - Can Legal & Political paths lead to change?
(47:05) - Sponsors
(48:05) - What are the alternatives to FATF?
(53:04) - The role of individual choices that affect change
(59:08) - Choke Point 2.0 & its implications
(1:05:43) - Taking responsibility for personal freedom
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Sponsors:
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