SEC’s Hester Peirce dey support privacy technology, condemn surveillance
SEC Commissioner Hester Peirce deliver one big speech for UC Berkeley where she sharply criticize how U.S. run financial surveillance system dey do and champion privacy technology. She attack Third-Party Doctrine and the 60 years old Bank Secrecy Act wey make banks dey act as government informants and dey flood regulators with millions of transaction reports wey no too get use. Peirce also talk say SEC’s CAT system na one “Orwellian” surveillance tool, talk about how e cost $518 million and how e get unrestricted access to individual trading records. She reject the idea say only law fit protect privacy, come talk the 1993 Crypto Anarchist Manifesto and say privacy technology—like zero-knowledge proofs, privacy mixers, smart contracts, public blockchains, and DePIN networks—fit protect person data when laws no fit. She call make these tools develop anyhow, even if dem fit misuse am, and she beg government make dem defend citizens right to private value transfers. Peirce position na one rare regulatory support for privacy technology, fit mean say dem go start use tech-based solution to protect financial privacy.
Bullish
Hester Peirce wey be SEC commissioner don publicly support privacy technology, e don reduce regulatory wahala for privacy-focused projects and e help buoy market sentiment. Historically, when regulators or policymakers talk well about things like decentralized finance, e dey usually lead to price increases for tokens wey dey related. For short term, privacy token markets like Tornado Cash (TORN) or ZK-based assets fit receive speculative money as traders dey expect better acceptance. For long term, as people go dey more interested in tech-based privacy solutions, e fit encourage institutional interest and development for zero-knowledge proof use, decentralized networks, and privacy mixers, wey go support solid growth for privacy-focused cryptocurrencies.