SEC Commissioner Highlights Bitcoin's Role in Preserving Freedom

According to PANews, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce emphasized the significance of permissionless technologies like Bitcoin in safeguarding freedom during a discussion at PubKey, a Bitcoin-themed bar in New York. Peirce asserted that American citizens should have the right to use cryptocurrency mixers. She and NYDIG founder Ross Stevens explored topics such as Bitcoin's resistance to confiscation and the concept of code as free speech, using historical examples to illustrate Bitcoin's value to freedom advocates. Peirce also warned of the potential recurrence of executive orders similar to the 1933 U.S. government gold confiscation. Stevens highlighted Bitcoin's mnemonic features, which enhance its resistance to seizure. Peirce criticized the American public's disregard for financial privacy and supported citizens' rights to use mixers. When asked about the possibility of repealing the Bank Secrecy Act by the bar's founder, she acknowledged the risks associated with financial institutions holding concentrated user data but noted the contentious nature of this issue in Washington. Peirce also addressed questions regarding the redemption of physical assets by retail investors in spot Bitcoin ETFs, expressing skepticism about its likelihood but openness to further consideration. She concluded by stating that improper regulation could stifle Bitcoin's potential, receiving enthusiastic applause from the Bitcoin enthusiasts present.