Hester Peirce, Commissioner of the US Securities and Exchange Commission (SEC) and Chair of the SEC’s Cryptocurrency Task Force, reaffirmed the right to self-custody of cryptocurrencies and privacy in financial transactions.
“I am a supporter of maximum freedom,” Pierce said He said Cumulative podcast on friday, while saying that Self-custody of assets It is a basic human right. She added:
“Why should I be forced to go through someone else to hold my assets? It baffles me that in this country, which is based on freedom, this could be a problem – of course, people can keep their own assets.”
Pearce added that Online financial privacy That should be the standard. “The assumption has become that if you want to keep your transactions private, you’re doing something wrong, but the assumption should be just the opposite,” she said.
The comments were as follows: The law of clarity of the digital asset market structurea draft law on the structure of the cryptocurrency market that includes provisions for self-custody, Anti-Money Laundering (AML) Regulations.Asset classification has been postponed until 2026. According to By Senator Tim Scott.
Related to: The Securities and Exchange Commission holds a roundtable on privacy and financial oversight in December
Exchange-traded funds (ETFs) challenge the self-custody ethos of Bitcoin
Many large bitcoins (Bitcoin) Whales and their long-term owners Shifting from self-custody to ETFs To reap the tax benefits and hassle-free management of owning cryptocurrencies in an investment vehicle.
“We are seeing the first decline in self-custodial bitcoin in 15 years,” said Dr. Martin Hesbock, head of research at cryptocurrency exchange Uphold. He said.
Hesboki attributed this shift to the Securities and Exchange Commission Approval of in-kind creations and recoveries for crypto ETFs in July, allowing authorized holders to exchange cryptocurrencies for ETF shares and vice versa without triggering a taxable event, unlike cash-settled ETFs.
“The move away from the self-preservation mantra of ‘not your keys, not your coins’ is another nail in the coffin of the original crypto spirit,” Hesbock added.
In February, prominent Bitcoin analyst and investor PlanB, developer… BTC stock flow modelhe announced He transferred his Bitcoin into ETFs To alleviate the “hassle” of managing private keys.
Plan B advertisement This caused quite a stir in the Bitcoin community, with many expressing concerns that custody would be handed over to a third party It went against the core values of Bitcoin.
magazine: When Privacy and Anti-Money Laundering Laws Collide: The Impossible Choice for Crypto Projects
