The commissar criticized the growing pressure on decentralized technologies by the authorities, which, by their actions, risk violating the principles of confidentiality and neutrality in the development of code, as well as prevent the development of innovations. According to the pier, people should have the opportunity to make transactions privately. Tools to increase the confidentiality of transactions should undergo self-control, since the supervision of regulatory departments for infrastructure with open source is useless-such protocols after launch become unchanged and accessible around the world, the pier clarified.
The SEC representative mentioned the American programmer Philip Zimmermann, who created the first email encryption program – Pretty Good Privacy (PGP). Later, the American authorities brought a lawsuit against him, suspecting that the PGP technology violated the US law on the export of weapons. Thanks to the difficult victory of Zimmerman, encryption is now used in banking and communications, Pierce reminded.
The commissar insists that cryptographic instruments that provide confidentiality also deserve protection and recognition. The Pierce is sure that if the regulatory authorities force the companies to track with whom their customers make transactions, these companies will turn into “surveillance agents”.
“Technologies should remain accessible to everyone, even if some persons decide to use them for illegal purposes. The protection of our families, communities and country is extremely important, but limiting financial confidentiality and obstructing the use of technologies without intermediaries is the wrong approach, ”Pierce said.
The performance of the representative of the SEC was made against the background of the trial of the developer of the cryptomixer Tornado Cash Roman Storm. The developer was charged with conspiracy to launder money, violation of US sanctions and conduct unlicensed money transfer. If the storm is found guilty, he faces up to 40 years in prison. Storm protection claims that Tornado Cash functions as an independent protocol, and its developers do not control user operations.
In July, Storm turned to his subscribers in social networks for help in a urgent collection of $ 1.5 million, which will be required to defend in court. Later, the developer complained that due to judicial persecution, many companies began to refuse him financial services.
Source: Bits
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