Evolution journalist
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Evolution journalist
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SEC Hyster Pearce Delivery A strong defense of financial privacy rights on August 4, on the pretext that Americans should retain the ability to use encryption techniques that protect privacy without government control.
Her statements at the Blwchin Science Conference in Stanford come at a time when Roman Storm, co -founder of the Tornado Monetary Agency, is facing a criminal trial claiming to facilitate one billion dollars of illegal transactions through the approved encryption mixer.
The fourth amendment protection is eaten by financial monitoring of an external entity
Pears criticized the framework of the 55 -year -old banking company, which explodes financial institutions as “in fact enforcement investigators”, which requires them to provide more than 25 million treatment reports annually, including 4.7 million reports of suspicious activity.
She said that the third -party doctrine cut off the Americans from protecting the fourth amendment when they interact with financial brokers.
The Commissioner called for evidence of zero knowledge, cryptocurrencies and decentralized technologies that eliminate brokers of financial transactions.
She warned against asking open source developers to answer how others use their blog, saying that the non -changeable protocols are available to use anyone who cannot practically comply with financial monitoring measures.
Pierce’s speech coincided with the date of the Storm trial on July 14, where the prosecutors face the challenges of the authentication of evidence after the poor naming of a major telegram about Hack Axie Infinity worth $ 600 million.
Defense lawyer revealed that the letter was written by former Coindsk correspondent Andrew Thurman, not the development of the storm Alexei Persif, as the prosecutors claimed.
Banking Secret Law under fire with monitoring costs
Pears wondered whether BSA’s “heavy weight” of financial monitoring serves proportional benefits, given its enormous costs of institutions and the effects of privacy for Americans.
She pointed out that nearly 324,000 financial institutions submitted more than 25 million transaction reports in 2024, and created what he called “when he is in a state of dynamic suspicion.”
The Commissioner pointed to the opposition of Judge Douglas for the year 1976, warning that banking transactions reveal a “somewhat accurate account” of individuals, ideology, and interests, which makes automatic availability of federal agencies a threat that requires “sensitive plan” instead of extensive monitoring.
The results of the modern government accountability office indicate that most currency transactions reports have not been used by law enforcement.
Treasury Deputy Minister Michael Volumekander Recognized The need for BSA reforms to balance costs and benefits.
The treasury was recently delayed from the control base for investment consultants pending objective review, indicating the increasing recognition of the program’s burden.
PEIRCE also criticized the SEC’s uniform path, which captures customer trading data across all markets without any violations suspected.
She and the reacted Cat described as a tool “one expects to find in the case of monitoring dystopian” that ignore the interests of the investor’s privacy.
ATKINS president called for a CAT review, including “taking a closer look at the reporting requirements and the scope of what is collected.”
SEC stopped requesting customer, addresses, and birth years in CAT offer earlier this year after privacy concerns.
The Tornado Cash case is presented
The stormy criminal trial faces major challenges from proof after the prosecutors of the main digital communications disordered by the Dutch authorities after the arrest of participation in Persif.
The disputed message of telegram on “600 ml” was essential in the government of the government, which proves a criminal intention.
American lawyer Ben Add referred to the letter during the before the trial hearings, and the judge told that he showed the awareness of the founders participating in the mistake.
Defense lawyer argues that misconduct provided “wrong information” to both the court and perhaps the major jury, which issued the indictment.
Authentication problems extend beyond individual messages, as defense lawyers have noticed the authors’ information lost to Telegram messages that are redirect and the recovery of incomplete files from the Dutch law application.
It is said that the extraction of the FBI’s undersecretary contains multiple defects that the prosecutors cannot verify due to the restrictions of international evidence participation.
Storm’s Defeense maintains accusations that criminalize the development of open source software, as ETHEREUM has pledged $ 500,000 to legal defense and match up to $ 750,000 in community contributions.
The result of the previous trial can be established on how to follow prosecutors against decentralized developers.
Pierce privacy invitation is compatible with broader regulatory transformations within the framework of the Trump Administration Project Project, which aims at business encryption beach while protecting self -friction rights and privacy preservation techniques.
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2025-08-05 08:49:00
