Today, we submitted a response to the @BankingGOP RFI on Digital Asset Market Structure, urging the protection of financial privacy in any regulatory framework. 🧵

In the response, we argue that recent suggestions to apply the Patriot Act Section 311, designating unhosted wallets, privacy coins, and tools as "primary money laundering concerns," are dangerous, extreme, run counter to American values, and should be rejected.

This designation is not only wrong, but the embrace of such a designation would chill financial technology innovation in the US, drive talent offshore, and likely be unconstitutional.

Instead, we strongly urge the Committee to protect Americans' access to financial privacy and security, and to ensure that innovation will continue to thrive in the US.

Thank you to @paulbrigner (@ElectricCoinCo) and @JWVerret for drafts and input, and to @SethHertlein (@Ledger), @AlexBornstein3 (@ZcashFoundation), and @zooko (@ShieldedLabs) for reviews and support.

Thank you to @SenatorTimScott, @SenLummis, @SenatorHagerty, and @berniemoreno for your consideration.