U.S. Securities and Exchange Commission Commissioner Hester Peirce used a keynote address at the Science of Blockchain Conference on 5 Aug. 2025 to urge policymakers to safeguard Americans’ ability to conduct private financial transactions and to hold digital assets in self-custody wallets. “We should take concrete steps to protect people’s ability not only to communicate privately, but to transfer value privately,” she said, adding that privacy-preserving tools should be “welcomed, not feared.” Peirce argued that the 1970 Bank Secrecy Act—a cornerstone of U.S. anti-money-laundering rules—has become “costly and ineffective,” forcing banks to file millions of reports with limited law-enforcement benefit. Citing Cato Institute research and survey data showing broad public support for stronger financial privacy, she warned that sweeping surveillance “undermines the fabric and freedoms of our families, communities, and nation.” The remarks put Peirce at odds with recent White House and Treasury proposals to extend BSA-style reporting requirements to non-custodial crypto wallets. Her call for reform is likely to intensify the debate among Congress, the SEC and other regulators over how to balance privacy rights with efforts to curb illicit finance in the rapidly growing digital-asset sector.