Although some think the Tornado Cash ban may negatively impact other projects concentrating on privacy, others think that these projects could keep pushing forward and keeping their commitments to anti-censorship and decentralization.
Within an interview with Cointelegraph, Ahmed Ghappour, the overall counsel in the privacy-focused project Nym Technologies, shared insights on the significance of privacy within the crypto space, how you can balance the interests of regulators and those that want privacy what is actually next for privacy in Web3.
Based on Ghappour, you will find contradictory concepts within the Web3 space. This is actually the commitment of coming back data possession to folks while getting complete transparency regarding blockchain transactions. The attorney noted that to satisfy these contradictory goals, privacy is paramount.
However, using the Tornado Cash incident, it’s apparent that privacy technology is within the sights of U . s . States regulators. The attorney highlighted this hinders ale the area to innovate. He stated that:
“The U . s . States is attempting to swat a fly having a sledgehammer. […] OFAC designation is supposed to trigger economic sanctions mainly against countries and categories of individuals, for example terrorists and narcotics traffickers—not ideas, algorithms, or code.”
Ghappour described that there’s a very good reason to not sanction ideas. It’s since the effect is going to be neutralizing a target by criminalizing just about any connection to it, even harmless associations with clearly no ties holiday to a criminal conduct.
Related: Anonymous user transmits ETH from Tornado Cash to prominent figures following sanctions
When requested should there be a method to balance the interests of regulators and those who want privacy, the attorney highlighted it depends upon the interests of regulators. Ghappour stated that achieving an account balance requires regulators to align their interests using the people and take into account the requirement for privacy. He described that:
“Achieving an account balance requires police force to stop on impractical assumptions about unfettered use of everyone’s data on the silver platter.”
Regardless of this, Ghappour also worries that regulators’ interests aren’t aligned using the people at basically using the upkeep from the financial surveillance established order. Nevertheless, the manager believes there it’s still a push for projects prioritizing security and privacy fundamentally of technologies.
