The problem with mass KYC isn’t just the information you give up, but the huge databases created from collecting it. Once that information is leaked, you can’t simply change your identity.
That’s why I like the approach Liberdus is taking. You can use a username instead of tying your account to a phone number, email or KYC, while still getting encrypted communication and decentralized infrastructure.
Privacy should start with collecting less personal information in the first place.
JUST IN: 🇺🇸 SEC Commissioner Hester Peirce calls to end mass KYC data collection, warning it puts crypto holders at risk of phishing and physical attacks.
Pierce says the current KYC/AML system creates massive databases of sensitive information that can be hacked, leaked, or exploited.
She's pushing for zero-knowledge proofs (ZK proofs) that could verify users meet regulatory requirements without exposing their personal information.