BREAKDOWN: Is 2023 the Year the US Gets Serious About Protecting Privacy?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 January 2023
⏱️ 18 minutes
🧾️ Download transcript
Summary
A discussion of the Bank Secrecy Act and new privacy priorities in Congress.
On this week’s “Long Reads Sunday,” it’s all about privacy. NLW reads:
“Sweeping Crypto Regulation? First Update the Bank Secrecy Act” - Mark Lurie
“Privacy Is a Human Right – and the 118th Congress Must Defend It” - Lia Holland, Eseohe Ojo
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Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Matt Anderson Photography/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.3 | The breakdown is produced and distributed by CoinDesk. |
| 0:20.4 | What's going on, guys? |
| 0:21.6 | It is Sunday, January 29th, and that means it's time for Long Read Sunday. |
| 0:26.9 | Now, before we get into that, if you are enjoying the breakdown, please go subscribe to it, |
| 0:30.5 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:34.2 | come join us on the Breakers Discord. |
| 0:36.1 | You can find a link in the show notes or go to bit.ly slash breakdown pod. All right, friends, well, today I am excited for this LRS. It's on a topic |
| 0:45.3 | that I think is hugely important. It is certainly related to crypto, but it is also bigger than |
| 0:49.8 | crypto. Today, we are talking about privacy and what privacy means in the internet age and what privacy |
| 0:56.7 | means in the crypto age. |
| 0:58.8 | To frame the conversation, we have two pieces that we're going to read. |
| 1:02.7 | The first is by Mark Lurie and is about the Bank Secrecy Act, and the second is about the |
| 1:06.9 | responsibility of Congress to defend privacy as a human right, which is by Leah Holland |
| 1:11.9 | and Isiejo Ojo of Fight for the Future. We start with Mark Lurie's piece, sweeping crypto |
| 1:17.2 | regulation. First, update the Bank Secrecy Act. The crypto collapses of 2022 spurred widespread |
| 1:24.4 | fear that U.S. officials would soon clamp down on the industry, |
| 1:32.2 | but don't expect sweeping new crypto regulations anytime soon. As much as Washington, D.C. Big Wigs might want to put crypto in a box, regulators should first get their priorities in order. |
| 1:37.6 | The primary regulatory approach of relevant federal agencies is rulemaking, or the process by which |
| 1:42.3 | bodies like the U.S. Securities and Exchange Commission craft, review, and finally approve and establish legal boundaries. |
| 1:48.3 | But this would likely fail with crypto for two reasons. |
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