SEC Commissioner Advocates for Privacy in Cryptocurrency Transactions

According to PANews, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce emphasized the importance of protecting individuals' rights to privately trade cryptocurrencies. Her remarks come as the trial of Roman Storm, associated with Tornado Cash, nears its conclusion. Storm faces allegations that the mixing service was used for money laundering. Peirce argued for the protection of privacy technologies and self-custody rights, asserting that developers should not be held accountable for how their software is used by others. She criticized the inefficacy of requiring open-source protocols to comply with financial regulations. Furthermore, Peirce highlighted that regulatory bodies should not mandate companies to record transaction parties, referencing the decentralized finance broker rules proposed during U.S. President Donald Trump's administration, which were later repealed. If convicted, Storm could face up to 40 years in prison. His defense team and industry experts maintain that software developers should not be liable for the actions of users. In similar cases, the co-founder of Samourai Wallet has already pleaded guilty.