SEC Commissioner Hester Peirce delivered insights on Bitcoin's role in personal freedom during a talk with NYDIG's Ross Stevens at New York's PubKey. She emphasized that permissionless technologies like Bitcoin are crucial, referencing historical implications and raising awareness about the need for constant vigilance against potential governmental overreach regarding digital assets. Peirce described Bitcoin as a potential tool for freedom fighters, pondering how figures such as Harriet Tubman might have harnessed it for their causes.
A key topic was the government's power to act similarly to Executive Order 6102, which once allowed the U.S. government to seize citizens' gold. Peirce noted that this type of executive action is still feasible today. She encouraged consumers to reaffirm America's foundational principles to prevent similar occurrences concerning Bitcoin.
Throughout the event, Peirce reiterated the significance of treating code as speech, critical to preventing undue regulatory obstacles for developers. During a discussion on financial privacy, she expressed concern over the public's indifference to the shrinking space for individual financial privacy, stating, "It’s remarkable to me how little people care about financial privacy."
When addressing the use of cryptocurrency mixers, Peirce affirmed the right of Americans to use these technologies to maintain their privacy, echoing the presumption of innocence concept foundational to U.S. law. Moreover, she acknowledged the risks associated with the Bank Secrecy Act, highlighting the dangers of giving centralized financial institutions access to personal customer data, while recognizing the controversy around this regulation in Washington, D.C.
Peirce's thoughtful engagement during the Q&A reinforced her commitment to representing public interests. She actively considered questions and concerns raised by audience members, indicating her role as a listener in regulatory matters. Overall, Peirce expressed a desire to support Bitcoin and crypto as vehicles for freedom and financial sovereignty, cautioning against regulatory actions that might stifle their growth.
A key topic was the government's power to act similarly to Executive Order 6102, which once allowed the U.S. government to seize citizens' gold. Peirce noted that this type of executive action is still feasible today. She encouraged consumers to reaffirm America's foundational principles to prevent similar occurrences concerning Bitcoin.
Throughout the event, Peirce reiterated the significance of treating code as speech, critical to preventing undue regulatory obstacles for developers. During a discussion on financial privacy, she expressed concern over the public's indifference to the shrinking space for individual financial privacy, stating, "It’s remarkable to me how little people care about financial privacy."
When addressing the use of cryptocurrency mixers, Peirce affirmed the right of Americans to use these technologies to maintain their privacy, echoing the presumption of innocence concept foundational to U.S. law. Moreover, she acknowledged the risks associated with the Bank Secrecy Act, highlighting the dangers of giving centralized financial institutions access to personal customer data, while recognizing the controversy around this regulation in Washington, D.C.
Peirce's thoughtful engagement during the Q&A reinforced her commitment to representing public interests. She actively considered questions and concerns raised by audience members, indicating her role as a listener in regulatory matters. Overall, Peirce expressed a desire to support Bitcoin and crypto as vehicles for freedom and financial sovereignty, cautioning against regulatory actions that might stifle their growth.
