Not bad
She isn't saying KYC or AML should be discontinued
But that data collected should be limited to what's necessary not sharing everything with an exchange.
At least she can see reasons that when a breach occur not one but thousands to millions of people lives would be affected.
Hence why she brought up ZKP to state one is eligible without giving too much.

You know what's worrying about KYC implementation, the purpose is being abused by companies that are using the AML policies for different kinds of scams. The first one is the mass collection of users data by companies without protecting users. They collect users data only to sell it to other companies. This same data is further sold to another party, and then the sales continue until a third party sell it to scammers, hackers and all sorts of people who use it for their benefit.

The dangerous ones are the exchange services. There is an anti-AML scam on the rise where the exchange asks you for proof of funds if your money passes through any mixer or protocol. We all know one of the purpose of mixers is for privacy reasons, but as soon as you receive a deposit from any privacy focus platform, they freeze your funds until you meet their demand, and if you fail to do so, your money is gone. They are stealing users funds under the guise of AML policies, they need to wind this down before we are left with zero privacy.

KYC can’t be completely erased though.. it’s needed in maybe some other aspect unless there’s something better to replace it..  Instead  it should be rephrased as KYC requirements for owning Bitcoin (not generalizing it )needs to be cancelled or reduced in a way that won’t affect those owning it.

Still don’t think that will be possible anyway.. it will still be the responsibility of everyone trying to own it  to figure out how they can without exposing much.

Basically, KYC can't be totally erased from the whole system because it's fundamental and it helps in keeping the system to be more functional and more transpareble to ensure proper accountability in every transactions. Her only worries is that the rate in which Bitcoin enthusiast is being targeted and harmed, is something that gives so much concern and needs urgent attention on how it can be combated. People are been attacked by the day once your details is with the wrong hand and this has been going on for long now. However, possible solution is needed to ensure the safety of various users accross nations because no live is worth to be cut short all in the name of answering an Bitcoin enthusiast.

A tiny percentage of those actually happen because KYC leaks
Most causes are business partners, family giving away hints, the victim's job being related to crypto, his exposed wealth online and many others.


The only data that truly exposes you to an attack is the home address or proof of residence.
There is no way in hell any agency on this planet, including the FATF, will drop this from the requirements.

This is Pierce saying something again, trying to keep being relevant, no way this will ever be taken seriously by anyone in the SEC.

Against anti-KYC it's a lot...

Will the SEC's call for a mass KYC halt be accepted by other regulators? What about money laundering, will it decrease especially the data leaks that we often hear about?

I don't think the SEC is going to make much effort to do this, KYC collection for a platform will still be done... where there are money transactions there the government will know through KYC.

It’s a really good topic that should be up for discussion.

With the recent attacks on crypto investors, people should be more careful about KYC. We cannot completely avoid it, but we can avoid giving our personal data to every site that asks for it.

We don’t really know what the future holds, so we shouldn’t over exaggerate the situation either. Maybe there will be better data security protocols in place in the future to protect users. For now, people should focus on limiting how much personal information they put out there.

It only gets worse.

They have to modify which information for kyc they have to ask. There is no need for them to remove kyc wholly because it also helps when some hackers have mistakenly sent the hacked funds into these exchanges.

But they have to do something in order to minimize the risk of customers if ever their database has been hacked.

IMO, these platforms if their database are not encrypted then they have to start from there and cross out address where bad actors could go on each of users.

I doubt they will drop the mandatory KYC requirements, they still want to track down to every last penny for sure and maybe this is to propose a different way of collecting and managing the data. I have no idea how they handle the data but at least it some come up with some kind of encryption that put the data to be useless if someone hacks it in the middle.

I think it is very much possible to do that.