{"id":40451,"date":"2025-08-05T08:01:47","date_gmt":"2025-08-05T08:01:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=40451"},"modified":"2025-08-05T08:01:47","modified_gmt":"2025-08-05T08:01:47","slug":"secs-peirce-government-should-protect-crypto-privacy-not-restrict-it","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=40451","title":{"rendered":"SEC\u2019s Peirce: Government Should Protect Crypto Privacy, Not Restrict It"},"content":{"rendered":"
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Hester Peirce, aka \u2018Crypto Mom,\u2019 made the remarks in a speech on \u201cFinancial Privacy in the Digital Age\u201d at the Science of Blockchain Conference on Monday.<\/p>\n

Peirce<\/a> used a \u201cpeanut butter and watermelon\u201d anecdote to illustrate<\/a> the value of disintermediation or removing intermediaries from processes, in this case, finances.<\/p>\n

The pro-crypto commissioner was critical of financial surveillance and the banking system, stating that the 55-year-old Bank Secrecy Act (BSA) has \u201cdeputized American financial institutions as de facto law enforcement investigators.\u201d<\/p>\n

A Surveillance State<\/h2>\n

The current financial system is a surveillance state. In 2024, 324,000 financial institutions filed more than 25 million transaction reports, including 4.7 million \u201cSuspicious Activity Reports.\u201d<\/p>\n

Meanwhile, third-party doctrine allows the government to access financial data without warrants, and the SEC\u2019s Consolidated Audit Trail (CAT) tracks every investor\u2019s trading activity without suspicion of wrongdoing.<\/p>\n

Privacy-protecting crypto technologies such as zero-knowledge proofs, mixers, and privacy pools can reduce reliance on intermediaries while DeFi protocols<\/a> offer transparent, equal access without discrimination, she said.<\/p>\n

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\u201cA bank that might not want to lend to certain types of people gives way to a DeFi protocol through which everybody can borrow on the same, publicly transparent terms.\u201d<\/p>\n<\/blockquote>\n

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Grateful to SEC Commissioner @HesterPeirce<\/a> for spotlighting the need to defend Americans\u2019 right to financial privacy and including @katie_haun<\/a>\u2018s argument that our financial data is among the most sensitive personal information we produce.<\/p>\n

This is an issue too often overlooked\u2026 pic.twitter.com\/7N7IPU5fWf<\/a><\/p>\n

\u2014 Haun Ventures (@HaunVentures) August 4, 2025<\/a><\/p>\n<\/blockquote>\n