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Hester Peirce calls for less customer-data collection in crypto rules
SEC Commissioner Hester Peirce urged financial firms to stop stockpiling customer data, citing the risk and cost of mandatory identity collection after recent security incidents exposed personal information at major platforms including Revolut, according to CryptoSlate.
Peirce said regulators should expand the use of reusable digital credentials that could verify facts about customers while reducing the need for every institution to collect underlying personal information again.
She framed the debate as a choice between maintaining more data collection and surveillance tied to know-your-customer requirements versus using new technologies to catch criminals while collecting less personal data and monitoring more sparingly to protect privacy.