Is preserving privacy coins and anonymous crypto globally important as a counterweight to government surveillance?
of laundering more than $7 billion of digital currency since its creation in 2019. This included over $455 million stolen by a North Korean state-sponsored hacking group. Mixers like Tornado facilitate anonymous transactions “by obfuscating their origin, destination, and counterparties, with no attempt to determine their origin,” according to the U.S. Department of the Treasury. OFAC has since prohibited U.S. firms and individuals from doing business with Tornado Cash.
Still, even if crypto firms can resist anonymity-enhanced technology, would that be beneficial? Perhaps preserving privacy coins and anonymous crypto is important globally as a counterweight to growing government surveillance. Anonymity is not a life and death matter for the vast majority of crypto users, in Hartzman’s view. “Most people are simply using crypto to make money and trade these radically different and exciting assets.” They aren’t using mixers either. “I would say that most don’t even know how to use these protocols.” Brown Rudnick’s Byrne added:
Many centralized crypto protocols will likely embrace AML/KYC/OFAC requirements because they are widely used in the traditional financial world and “because institutional money managers may have a fiduciary duty to use compliant providers.”
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