SEC Commissioner Peirce emphasizes the importance of financial privacy, calling tokenization a “current focus”

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated that the agency is focusing on several different areas, including rules for token distributions, guidance on what constitutes a transaction, and issues related to cryptocurrency custody. She stated that the SEC is working with Congress to draft legislation to regulate the entire digital asset industry. Peirce also stated that tokenization is currently "a major area of focus" for the SEC. Peirce also addressed the need for privacy protections, calling on the government to "vigorously defend people's right to live private lives." She suggested that cryptocurrency could be an opportunity to re-examine provisions of the Bank Secrecy Act, as well as anti-money laundering (AML) and know-your-customer (KYC) regulations.