This is a tale of new money versus old, financial whiz kids upstaging banking’s old guard, and American authorities attempting to apply 20th-century laws to 21st-century innovation. Prosecutors allege that Hayes and his business partners violated the Bank Secrecy Act by failing to implement and maintain an adequate anti-money-laundering program—to weed out bad actors and dirty money. Meanwhile, Hayes’s colleagues in the cryptocurrency world believe he is being punished for building an ingenious product that has baffled lawmakers, bedeviled regulators, and—once it became wildly popular—posed a threat to some of the markets’ biggest players. Adding to the chorus of voices are some high-powered legal experts who consider the case United States of America v. Arthur Hayes to be largely unprecedented.
This was an enjoyable read and precisely why I had hesitated investing in bitcoin for a very long time. I remember in 2012 when the bitcoin hype was through the roof and I decided to dig a little deeper, especially how halal it was. After through research, I have concluded it was more a financial instrument for shady characters than it was an investment. Whenever I read stories like this, I never regret reaching that conclusion though I regret losing 16 bitcoins by forgeting its keys. It was worth 60 dollars when I lost it and I don’t sweat over it as no one should sweat over losing 60 dollars.