Protecting the ability to hold and transact with cryptocurrency privately, without unnecessary surveillance or dependence on intermediaries.
Financial regulation has traditionally applied where a person takes another’s affairs in hand—exercising custody, control, or delegated judgment. Modern software, however, allows individuals to transact directly, without intermediaries. Some regulators and lower courts have responded by advancing a “functional” theory of code, treating software as…
Financial institutions today are burdened by identity verification frameworks that are simultaneously costly, privacy-invasive, and ineffective at deterring illicit finance. Despite vast surveillance systems built on the foundation of the Bank Secrecy Act (BSA), global authorities estimate that less than 1% of criminal proceeds are…
The Bank Secrecy Act (BSA) allows the Secretary of the Treasury to demand transaction surveillance and reports of personal information from a category of entities defined as “financial institutions.” Originally that category primarily consisted of insured banks, but over the years it has significantly expanded.…
Testimony before the House Financial Services Committee
Coin Center testified before the Joint Economic Committee in a hearing entitled “Demystifying Crypto: Digital Assets and the Role of Government.” Peter Van Valkenburgh’s written testimony can be found here.
Cryptocurrencies receive much attention these days, but even so, the real use cases of these new technologies are often glossed over. Much cryptocurrency discussion unfortunately leaves the reader with too much breathless hype or knee-jerk condemnation and not enough measured analysis. It is not surprising,…
