Railgun enthusiast and researcher, Alan Scott Jr, is of the opinion that US senators and the FBI may not be as opposed to privacy-focused cryptocurrency protocols as some believe. Scott believes that intelligence agencies like the FBI are primarily concerned with combatting criminal activity rather than targeting privacy protocols.
Speaking at ETH Global in Sydney on May 2nd, Scott, who contributes to and advocates for the privacy-focused protocol Railgun, stated that based on his discussions with senators and the FBI in Washington D.C., he did not see any indication of an anti-crypto privacy campaign on Capitol Hill. He emphasized that there are many intelligent individuals within the government who genuinely want to protect people and do the right thing.
Scott highlighted that the FBI is a multifaceted organization and the individuals he spoke to were more focused on preventing financial crimes by bad actors rather than being concerned about privacy protocols. He explained that their concerns revolve around potential hindrances to their ability to catch criminals.
Scott expressed that his discussions with US politicians and regulators were largely positive, with many of them making an effort to understand new developments in the crypto industry. He cited the recent arrests of the founders of Samourai Wallet on money laundering charges as an example of the authorities taking action against illegal activities, but he did not see it as part of a broader campaign against privacy in crypto.
Regarding Railgun, Scott emphasized that it aims to remove intermediaries in finance and is a fundamental building block of decentralized finance (DeFi). He stated that defending privacy and highlighting its importance is a normal and mundane aspect of the industry, as privacy is already a part of traditional finance.
Scott also warned about the consequences of making privacy in crypto illegal, stating that it would essentially create a highly accurate surveillance system that could be monitored in real time.
Railgun, a privacy-focused protocol that utilizes smart contracts to provide private transactions for DeFi users on the Ethereum network, has faced legal scrutiny in recent years, similar to other crypto privacy protocols like Tornado Cash. The protocol has denied allegations of being used for money laundering and claims that its technology prevents bad actors from exploiting it.
Disclaimer: This article does not provide investment advice, and individuals should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
