Coinbase pushes Zero-Knowledge Proofs as solution to 'arcane' BSA

Description

Coinbase has been pushing hard for the modernization of the U.S. Bank Secrecy Act (BSA) via the integration of Zero-Knowledge Proofs (ZKPs) into the financial compliance framework. In a statement from August 4, Coinbase’s Chief Legal Officer, Paul Grewal, argued that the BSA, designed for a paper-based financial system, is outdated for today’s digital economy. ZKPs are a tech-forward solution for modern finance that can prove compliance, reduce transmission and exposure risk for sensitive consum...