Opinion by: Lizandro Pieper, Director of Research at Defi Education Fund
“Privacy Rights” are often found in crosshairs of critics considered privacy only for criminal activity, compared to a right for ordinary people who want to leave in the way of harm and live with honor.
There are those in Washington who believe that collecting and storing millions of personal information of Americans is a good thing for society, and emerging financial technologies, such as decentralized finances (DEFI), should adopt a collection or prohibited steps.
It ignores the reality of the dangers of creating honeypots of people’s sensitive data. It is not mystifying manifestation for sun -day -to -day Americans whose information is the most important commodity in the 21st century. It should be protected or otherwise dangerously exploited their cost.
Demystifying Defi
The IPSOS and the Defi Education Fund recently conducted a research project called “Demystifying Defi“Consisting of skill and quantity data on a variety of things about the current financial and defi system, and among many findings is a deep concern for the loss of privacy.
In particular, Americans felt that personal financial data was unsafe and financial privacy was an illusion. Over half (54%) of Americans who have examined have expressed the feeling that the current financial system does not sufficiently protect their personal information, and (56%) that changes in the current financial system are required to control people with their personal data. Less than a third of Americans believe the US financial system is safe today.
Data and disaster violations
It is not surprisingly provided by endless data leakage and violations of sensitive personal information in recent years. Let’s not forget Breaking Equifax data in 2017which 150 million Americans – almost half of the country – have their names, home addresses, social security numbers and even driver’s license numbers
Many data violations have occurred since – almost regularly, including 3,158 data compromise in 2024 only – and the benefit of the criminals that uses stolen identities To control the financial accounts, conduct fraudulent transactions or drain funds, which is why those who -survey see the protection of their financial data as a basic right and required for trust in any financial system, citing ongoing news of data violations and feeling that their data is exposed and out of their hands.
This is not just an anxiety related to the American financial system. In an interview, a queen, the resident of New York expressed the frustration that the financial system did not offer real privacy and that he could not create large transactions without feeling that he was watching or having to explain his actions.
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Another New Yorker shared similar failures, noting the lack of freedom from monitoring for each movement, and the unexpected accusations of the suspicious activity following.
The mandate of tracking
Undoubtedly, our financial system and the monitoring mandate created an environment where we were essentially guilty until it was proven innocent, or at least, we felt this way.
The vigilant eyes of our financial institutions and regulators exploded with our financial autonomy and feel of dignity while Not meeting National purposes of security and harmful to our safety and freedom to live as we choose.
Considering all this, to respondents who are interested in Defi, more than half have previously had complete personal control over their security and financial data
The Personal autonomy From privacy was the center of Defi’s existence, which was rooted in cryptographyrs in the early 1990s, when the world was first introduced at the age of information and the right to privacy was quickly erased by developing technologies.
Among them were Phil Zimmermann, who recognized: “Technology advances will not allow the maintenance of the status quo, as long as privacy is concerned. The status quo is unstable.”
In this regard, the protections for technology that put in one’s own and financial data that returns to our own hands are of utmost importance.
Monitoring technology will continue to change, and malicious actors will continue to steal dripping information, but we do not have to stand up and wait for the outcomes. The defi presents obvious solutions to these problems, and Americans have a strong desire to dominate the remedies. Our elected officials should act in American interests.
Time for the legislative action
This means that Congress should Pass the law Protecting software developers from occupation to unsuitable and heavy registration requirements and Prosecutorand for the financial crime enforcement network (FINCEN) to Drop the “Mixer rule.”
Software developers should continue to develop technologies that maintain privacy, and the existing information collection regime should be modern so that they will no longer harm the people who are provided by the law to protect.
If the United States wants to be the beacon of freedom that has been declared, it must work for people in continuous emerging ways and promoting American natural rights to privacy.
Opinion by: Lizandro Pieper, Director of Research at the Defi Education Fund.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
