FUD on Compliance

hi this is Charles hoskinson broadcasting live from warm sunny Colorado always warm Always Sunny sometimes Colorado today is August 30th 2021 just about to go to lunch but I wanted to make a very quick video to discuss compliance because I'm seeing a lot of fun and strange articles and bizarre things floating around from coin Bureau and from Weiss and others and I don't understand where it's coming from why they think the things they think or say the things they say but that's why I have a microphone so I can show up and correct the record and make sure that everybody is drinking from the same cup Okay so every single cryptocurrency that's real legitimate and to scale has entities who interact with it who are regulated in some jurisdiction okay that can be the United States the European Union other places every single one of those regulated entities to comply with the laws of the land require tools capabilities forensic items and so forth call those kyt kyc AML KYB etc etc there are providers organizations standards bodies developers who exclusively specialize in this domain for Bitcoin for ethereum for the rest of the Gang as cardano has grown to such a level of prominence that it is in that same league now those tools are now being ported upgraded and enhanced for those regulated actors to do what they need to do for cardano to stay in compliance with the law this in no way means that kyc and AML is coming into Daedalus this in no way means kyc and AML is a prerequisite for the use of the Cardinal protocol like tcpip or any other open protocol the protocol is government and regulation agnostic I thought this would be obvious for people but apparently it's not so it needs to be said like Bitcoin like ethereum this is an open system no one gets to decide who gets to use this system and how people get to use this system however regulated actors and other users who wish to do regulated activity need to go above and beyond the base programming of the underlying protocol what we've constructed and use tools and special software in order to stay compliant within their domain which is why it's important for us to build relationships and Partnerships with them so those tools are available where and when those particular users for those particular domains can use them for an ATM vendor or coinbase or any other Exchange or government agency or tax compliance whatever these things may be they look at these systems just like anyone else and they're a user of these systems just like anyone else and there are people who make millions of dollars providing infrastructure Consulting support and software to do these things at no time has there ever been a discussion about pulling this into the base layer of the protocol it's not even clear to me how such a thing would be done and it's a fundamental misunderstanding a lack of understanding lack of capacity and ability of people to understand how these things apparently are different if there was compliance and dental is what what regime would there be compliance under who would decide that it's open source software that's completely decentralized it's sitting in a GitHub repo at any given time anyone can Fork that and run it with their own brand logo and reputation on top of it it's not proprietary in any sense and there are other on and off ramps into the protocol like uroy like Ada light and the many other wallets that support the protocol or the command line interface with the node which again supports the protocol so exactly how is kycml done for that think it [ __ ] through but apparently this fact has been lost and I've seen it percolating all weekend long ever since wise commented on this and it's just extraordinary to me you're doing nothing any different than what has been done already with Bitcoin ethereum and these are just basic steps required to further the adoption and growth of cardano especially amongst regulated actors and apparently that's lost so I wanted to make a video to reiterate and explain there is no kycml or regulation or compliance that's being baked at the base level of the protocol anyone can use it for any purpose there are no Gatekeepers it's an open decentralized system there are efforts ongoing with the cardano foundation and other actors in the ecosystem to Port existing tools techniques software and capabilities to work with the Cardinal blockchain so exchanges can do kyt so exchanges can feel comfortable with kyc and AML and of course there are many discussions about how to bring compliance into the D5 space because heavy regulation is coming into the D5 space over the next 24 months if we are to believe the statements from the European Union and the U.