At the Science of Blockchain conference, Hester Peirce spoke about the need to defend financial privacy, criticizing the existing surveillance laws.
America's Financial System is Already a Surveillance State
Peirce criticized the Bank Secrecy Act (BSA), which she argued has turned banks into watchdogs for the government. In 2024 alone, over 324,000 financial institutions filed more than 25 million transaction reports.
Crypto as a Privacy Tool
Peirce likened digital transactions to using cash. She warned that making immutable, open-source protocols comply with financial surveillance laws is futile as they are publicly accessible.
Industry Reaction to Hester Peirce's Speech
Peirce's speech was positively received by crypto industry leaders, with Peter Van Valkenburgh from CoinCenter describing her defense of financial privacy as one of the clearest articulated in the crypto space.
Hester Peirce's speech at the conference emphasizes the importance of financial privacy in the digital economy and prompts discussions on necessary reforms.
