More than 28 tech organisations that develop open-source projects have called on Congress to protect consumer privacy when regulating the blockchain space.
According to Cyberscoop, the group wrote an open letter to Congress to take a ‘bold stance’ in the protection of consumer privacy.
The letter said, “This calibre of principled leadership for our digital future, and the future of digital innovation in the US, is long overdue.
There is a stark need for deeper collaboration and dialogue between lawmakers and developers of privacy tools to bring forward well-informed, thoughtful, and productive policy that promotes human rights and the evolution of the internet.
“Increasingly, the incredible creative power of US software developers is being chilled by clumsy, misguided legislative and regulatory actions. Should cybercriminals successfully tempt the US to abandon the human right to privacy and the US constitution, everyone will lose.”
The letter also attacked efforts by Congress members such as Senator Elizabeth Warren (D-MA) and Roger Marshall (R-KS) to deanonymize blockchain transactions. Recent legislation by the pair would require blockchain intermediaries to register as financial institutions and adhere to the Bank Secrecy Act’s requirements for customer information collection.
Instead of this, the group said that Congress should look to pass legislation that protects the privacy of these technologies.
“The world needs new tools that allow people to control their personal data, and the US should continue its tradition of building them. “We urge you to craft and pass long overdue legislation focused on protecting people’s privacy and cracking down on government and commercial surveillance.”
The signatories also said these protections should extend to encrypted messaging apps, which are also at risk of attack, they claim.
The letter also noted that open-source privacy tools developed in the US offer ‘important protections’ both for journalists, protestors and marginalised domestic groups.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst