The US left GRECO, a peer to peer review body on financial crimes led by public officers, at the absence of the foreign watchdogs that call out the foul play happening on the inside of US public offices, bribes sent or diversed to crypto could get overlooked.
Why it affects the ecosystem.
- The officers are not looking to help the market but to fuel their riches at the cost of whatever punishment the mass users face in future.
- Heavy restrictions follows up to curtail the crime, which returns to affect the crypto ecosystem.
In a nutshell, the US government chose to cut costs and focus on investigating financial crimes led through public offices themselves. The good side of it is that they won't have to send blank checks to international bodies to review these offices. The downside being that some officers will get immune of the review in some certain financial crime, like the exemption of the President and the Vice President in the Federal conflict of interest laws, which was pointed out by GRECO to be changed. By quitting, this exemption won't be addressed or wont be called out anymore.
https://www.mlex.com/mlex/articles/2532526/us-exit-from-greco-anti-corruption-group-prompts-fears-of-further-disruption
