To be clear – there is no mention of blockchain technology and cryptocurrency in the new American Data Privacy and Protection Act (ADPPA). But, with its introduction, it may raise the question for some of when/where privacy can be a part of the blockchain discussion.
A track of content at last Saturday’s crypto conference Consensus 2022 in Austin, Texas said it “all” with its title: “Can We Solve Privacy?”
Later in the day, Carole House, Director for Cybersecurity and Secure Digital Innovation for the White House National Security Council, told the audience she is hopeful that one day uniform KYC AML (Know-Your-Customer Anti-Money-Laundering) crypto rules can be applied globally for financial transactions – an application at the opposite end of privacy. Yet, she also indicated that consumer privacy is a conundrum that needs to be solved for today’s blockchain tech.
Similar to recent blockchain policy efforts such as the Responsible Financial Innovation Act in the Senate and the Digital Commodity Exchange Act in the House, creating a “a strong national framework” – and this time for a national government data privacy policy – is taking centerstage this week with hearings for the ADPPA.
The bill was released as a draft on June 3:
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