SEC Commissioner Peirce defends transaction privacy rights as Tornado Cash case verdict looms

PANews reported on August 5th that, according to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated on Monday that legislation and regulatory agencies should protect people's rights to trade cryptocurrencies privately. Roman Storm's Tornado Cash trial is nearing its verdict, with the defendant accused of using the mixing service for money laundering.

Peirce believes that privacy-preserving technologies and the right to self-custody should be protected, and that developers should not be held liable for the use of others' software. He also argues that requiring open-source protocols to adhere to financial regulations is futile. He also noted that regulators should not require companies to record transaction partners, a requirement previously attempted by the Biden administration's decentralized finance broker rules but repealed. Furthermore, Storm faces up to 40 years in prison if convicted. His defense team and industry insiders believe that software developers should not be held responsible for the actions of others. In a similar case, the co-founder of Samourai Wallet has pleaded guilty.