As ShapeShift manged to be the first company to gain the SEC’s permission for offering crypto-based services, the company’s CEO and Founder Erik Voorhees has been open about discussing government’s involvement in this space. In his latest interview with Anthony Pompliano, Voorhees spoke about the ongoing KYC and AML requirements, stating,
“Fundamentally, if you haven’t hurt anyone, then you deserve to be left alone. And that’s the basis of my ethical foundation.”
Voorhees added that while crypto-users and the entire community dismiss the requirement of identification through personal information, “the government wants financial institutions to basically spy on people for them.” He also said that ShapeShift was “comfortable” when U.S. regulations were in the gray areas but as the fog cleared, the company had to comply with regulations due to legal pressures. He went on to say,
“It’s not just about where your company is based or where you’re based. It’s about where your customers are.”
The ShapeShift CEO also contrasted the idea by highlighting a citizen’s right to pay and eat at any restaurant, without going through any KYC requirements. He further speculated that fiat currency will be permanently “gone in the next 20 years.” In such a case, the government will try to create new fiat digital currencies, but will maintain the same amount of control like today’s financial system.