Topic “Public policy”
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Does the EU GDPR make public blockchains illegal?
The European Data Protection Board (EDPB) has issued draft guidelines on applying the GDPR to blockchain technologies, raising concerns that they could effectively make public blockchains illegal in the EU. The guidelines suggest that blockchain addresses and transaction data can be personal data and that the GDPR's right to erasure might require deleting entire blockchains. I explain the EDPB's position, identify who might be affected (like stablecoin issuers and validators), outline potential consequences, and argue for a more pragmatic interpretation of the GDPR. continue reading
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DEX self-regulation
While self-regulation for centralized crypto exchanges is a familiar idea, extending this to decentralized exchanges (DEXs) presents unique hurdles. Yuliya Guseva's recent paper proposes a way forward: a central Self-Regulatory Organization (OSRO) that initially focuses on high-level standards and whitelisting compliant platforms, rather than immediate heavy regulation. This approach aims to nudge the fast-evolving DEX space towards greater safety and coordination, but its success likely hinges on a growing market demand for trustworthiness within the crypto world. continue reading
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Where and when do “execution,” “settlement,” and “finality” happen on Ethereum: technical understandings
I explore the technical meanings of 'execution,' 'settlement,' and 'finality' on Ethereum, highlighting the ambiguity around where and when execution happens, especially from non-technical perspectives like economic and legal ones. continue reading
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Why the EU’s Rushed ‘Travel Rule’ for Crypto Should Be Struck Down
The EU's proposed extension of the "travel rule" to crypto transactions raises significant privacy concerns and may violate the EU Charter of Fundamental Rights. The rushed legislation imposes broad surveillance obligations on service providers, requiring extensive personal data collection without clear evidence of effectiveness. Alternatives that balance crime prevention with privacy protection are urgently needed. continue reading
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Privacy, Crypto, and EU Financial Surveillance
The EU's proposed Transfer of Funds Regulation (TFR) raises significant privacy concerns under EU primary law, particularly due to its broad data-collection and retention requirements. These measures, which include indiscriminate five-year data retention, may violate the EU Charter of Fundamental Rights. Drawing on legal precedents, I highlight the need for proportionality and independent oversight, while suggesting that alternative, less intrusive approaches to combating financial crime should be considered. continue reading