Railgun advocate and researcher Alan Scott Jr has expressed his belief that US senators and the FBI may not be as opposed to privacy-focused cryptocurrency protocols as some may think. Scott asserts that intelligence agencies like the FBI are primarily concerned with combating illegal activities 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 meetings with senators and the FBI in Washington D.C., he saw no signs of an anti-crypto privacy campaign on Capitol Hill. He emphasized that there are many intelligent individuals in government who genuinely want to protect people and do the right thing.
Scott also highlighted that the FBI is a multifaceted organization and the individuals he spoke to were less concerned with privacy protocols and more focused on preventing financial crimes committed by bad actors. He said, “Their concerns revolve around potential hindrances to their ability to catch criminals.”
In his discussions with US politicians and regulators, Scott found that they were mostly positive, with many making an effort to understand new developments in the crypto space. He cited the recent arrest of the founders of the crypto mixer and Bitcoin wallet Samourai Wallet on money laundering charges as an example of actions being taken against financial crimes, but he did not see it as part of a broader campaign against privacy in crypto.
Scott believes that privacy is a fundamental aspect of decentralized finance (DeFi) and emphasized the importance of defending it. He expressed concern that if privacy in crypto were to become illegal, it would create a highly accurate surveillance system that could be monitored in real time.
Railgun is a privacy-focused protocol that utilizes smart contracts to provide private transactions for DeFi users on the Ethereum network and other Layer 2 networks. Similar to other privacy protocols like Tornado Cash, Railgun has faced legal scrutiny in recent years. However, the protocol has denied allegations of being used for money laundering and has implemented technologies to prevent exploitation by bad actors.
Disclaimer: The information provided in this article is not investment advice, and investors should conduct their own research as cryptocurrencies carry high volatility and risk.
