The US Securities and Exchange Commission (SEC) Commissioner Hester Peirce told a audience of researchers and practical blockchain on Monday that lawmakers and regulators need to protect people’s rights to transact privately.
His comments came as the Tornado’s Tornado Test heads towards a verdict.
Peirce Says In a speech at the blockchain science conference that the technologies in privacy and the right to The self-custody crypto It should be protected, along with the rights of those who develop open-source privacy software, which should not be responsible for how others use their code.
“We must take concrete steps to protect people’s ability not only to communicate privately, but to move the value of private, as they can do with physical coins on the days when the four -amendment is made,” he said.
“Although a centralized mediator or even a DAO who removes a DEFI application may develop in restrictions on its use, an irreversible, open resource protocol is available for use of anyone in eternal, so it is demanded that it comply with financial monitoring proposals is unproductive.”
Peirce’s comments come in the middle Consultations of Jury on Roman storm proceedingsco-founder of Crypto mixing service Tornado Cash, which allows users to mask the source and destination of cryptocurrency from prying eyes.
Stifling privacy technologies slow down the change
In the 1990s, governments, for national security reasons, wanted to maintain strong cryptogram in private hands, Peirce said.
He noted that it took court cases and pushback from cryptographyrs such as Phil Zimmermann – the developer of Pretty Good Privacy (PGP) Encryption software – to consume water, leading to many technology advances.
“The Internet cannot succeed without strong cryptography, so a determined set of cryptography has pushed back and convinced the government that cryptography on private hands was a positive net,” he said.
“Due to their brave success in the courts and courts of public opinion, we rely daily encryption to send email, engage in online banking, buy from online traders, talk to each other through voice and video, and perform many other daily activities.”
Defi Broker’s rule must remain dead
In the same speech, Peirce also said that regulators should not ask businesses to keep a record of who they are or their customers are transactions, as nearly implemented by the so-called Decentralized Finance (DEFI) Broker Rule.
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“Doing this will apply to us to examine our neighbors-a skill that is antithetic to an independent society. We will not need an intermediary step in the midst of peer-to-peer transactions,” he said.
“Like the Internet, technologies with legitimate use are better left with no consent, available-for-all-used category, even if doing so allows people to use them for bad purposes, because taking any other course will indicate basic freedom.”
Before US President Donald Trump killed it on April 10The Biden Administration-era Defi Broker Rule will need defi protocols to disclose gross revenues from crypto sales, including information about taxpayers involved in transactions, in the Internal Revenue Service.
Crypto mixers in testing
The storm is Standing Testing in the Southern District of New York In the allegations that criminal elements used mixing services for money laundering and the storm was responsible for facilitating their actions. If convicted, he may face up to 40 years in prison.
Storm’s defense team and The industry argues that Tornado CashAs with any tool, it can be used by both normal citizens and bad actors and software developers should not be performed responsible for the actions of others.
In a similar case, co-founders of the Samaurai wallet face charges derived from their participation in the crypto mixing protocol. They are Selected to seek sin on July 29 After the first trying to eliminate the case.
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