SEC Commissioner Hester Peirce Calls for End to Mass KYC Data Collection

SEC Commissioner Hester Peirce called for an end to mass Know Your Customer (KYC) data collection, warning that existing anti-money laundering frameworks create vulnerable centralized databases of sensitive user information.
Peirce advocated for the adoption of zero-knowledge proofs (ZKPs) as a privacy-preserving alternative, which would allow users to verify compliance without exposing underlying personal data to potential hacks, phishing, or physical security threats.