All about SEC Commissioner Peirce’s call for blockchain-based financial privacy

Key Points

1. SEC Commissioner Hester Peirce supports blockchain-based financial privacy tools, emphasizing their potential to enhance personal freedom without unnecessary surveillance.

2. Peirce highlights the need for a timely review of the Bank Secrecy Act (BSA) due to its high costs, questionable usefulness, and negative privacy implications.

3. Coinbase's Legal Chief and CEO criticize the BSA's KYC requirements as outdated, arguing they are unsuitable for the digital era.

4. The legal cases involving crypto mixers like Samourai Wallet and Tornado Cash raise unresolved questions about whether privacy-focused tools constitute crimes.

5. The outcome of Tornado Cash developer Roman Storm's trial could set a precedent for the legal treatment of privacy technologies in the crypto space.