SEC Chair Warns of Cryptocurrency as a Financial Surveillance Tool

According to ChainCatcher, SEC Chair Paul Atkins warned on December 15 at the SEC Cryptocurrency Working Group's roundtable that improper regulation could turn cryptocurrencies into financial surveillance tools. Paul Atkins highlighted the blockchain's efficiency in linking transactions and individuals, raising concerns about excessive government intervention. He cautioned that treating every cryptocurrency wallet and transaction as a surveillance target could lead to the creation of a financial monitoring system. Atkins also noted that a balance can be achieved between national security needs and individual privacy. As traditional finance enters the cryptocurrency space, debates over crypto privacy are gaining attention, and recent criminal cases have underscored regulatory challenges.