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In my last job, I was fortunate to join Circle as one of the earliest employees. And as blockchain technologies evolved over recent years, edging closer to mainstream adoption, I noticed a deep contradiction has emerged. The transparency that defines public blockchainsthe very feature designed to build trusthas become their Achilles heel. Every transaction on-chain is etched into a public ledger for all to see. This means that user addresses, financial behavior, and asset holdings are exposed permanently and immutably. In traditional financial systems, such data is closely guarded. In crypto, its open by default. This is not just a theoretical concern. The lack of privacy on public blockchains is exposing individuals to real-world risks: profiling, extortion, digital surveillance, and even physical threats. Anyone with a blockchain wallet is a potential targetwhether they are a Ukrainian citizen receiving aid, a whistleblower relying on digital assets for safety, or a consumer simply transacting online. The stakes are escalating. According to Chainalysis, nearly $46 billion worth of crypto was transferred through illicit channels in 2023, with many transactions linked to sanctioned entities. Blockchains radical transparency makes tracing those funds technically feasible, but it also means innocent users may be swept up in guilt-by-association logic, flagged by automated compliance systems, or monitored by adversarial nation-states exploiting open ledgers for intelligence purposes. We are at an inflection point. On one hand, blockchain has evolved from an experimental idea into a foundational layer for decentralized finance (DeFi), gaming, cross-border payments, and digital identity. On the other, the absence of privacy threatens to stall its momentum. Without privacy guarantees, Web3 wont scale into a secure, inclusive internet economyit will remain a risky, self-surveilling shadow of its potential. Its not just user safety at stake. Institutional adoption, long seen as the tipping point for cryptos maturation, is lagging in part because privacy solutions are underdeveloped. Financial institutions and enterprises cannot embrace systems that force them to reveal business-sensitive transactions to competitors and regulators alike. Privacy is not the enemy of compliance; it’s a prerequisite for serious engagement. The road ahead The good news? A path forward exists. Recent regulatory tailwindsparticularly in the United Statespoint to a growing willingness to integrate blockchain into the regulated financial system. Lawmakers are increasingly exploring frameworks for stablecoins, digital asset custody, and decentralized finance. And with the emergence of advanced cryptographic tools such as zero-knowledge proofs (ZKPs), we now have the technical foundation to reconcile transparency with confidentiality. Zero-knowledge cryptography allows users to prove the validity of informationsuch as identity or solvencywithout revealing the underlying data. In practical terms, this means users can comply with regulations (e.g., AML, KYC) without exposing every transaction to the world. ZKPs are already being piloted by privacy-forward networks and could become the industry standard if policy and investment align. And alignment is possible. In 2024, the European Union began implementing its Markets in Crypto Assets (MiCA) regulation, while Hong Kong and the UAE continue developing regulated environments for digital assets. Yet the U.S. retains a unique advantage: its history of open innovation, its global financial leadership, and its robust civil liberties tradition. If it embraces blockchain privacy not just as a feature but as infrastructureakin to encryption on the internetit can set a global standard. The stakes for leadership are high. In a world defined by rising geopolitical tension, blockchain privacy is becoming a matter of national security. Adversarial governments are already using blockchain analytics to trace and target users, conduct financial espionage, and undermine dissident movements. Without privacy, blockchains risk becoming tools of surveillance rather than instruments of freedom. At the same time, user demand for private, secure financial tools is surging. A recent survey by the Electric Coin Company found that 84% of crypto users consider privacy to be a critical feature of digital finance. And among developers, privacy-preserving technology is one of the fastest-growing areas of investment, according to Electric Capitals 2023 developer report. A host of solutions So what can be done? First, policymakers must move past the false binary of privacy versus compliance. These are not mutually exclusive goals. Clear guidelines that embrace advanced cryptography, establish safe harbors for privacy-preserving innovation, and differentiate between consumer protection and surveillance will enable the next generation of secure digital finance. Second, industry leaders need to elevate privacy to the level of consensus mechanisms, scalability, and user experience. Just as we wouldnt launch a blockchain without validating transactions or securing the network, we shouldnt deploy them without protecting users. Privacy must be a baseline, not a bonus. Finally, public-private collaboration is essential. The early internet thrived because of cooperation between universities, startups, civil society, and government. Blockchain deserves the same collaborative energy. By fostering research, funding privacy innovation, and supporting interoperability standards, the U.S. can lead the world in building a safer, more trustworthy digital economy. In the end, privacy is not a fringe concern. It is the cornerstone of user trust, the foundation of financial inclusion, and the safeguard of democratic values in the digital age. Blockchain has the potential to reshape the global financial systembut only if we build it securely. The time to act is now.
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E-Commerce
There is a lot going on in the news these days. Internationally, there are active wars raging. Domestically, there are daily changes in government policy at the national, state, and local level. There has been turbulence in the economy. To be a leader in any sector, you have to stay current on the latest world developments, but the constant parade of threats in the news is anxiety-provoking. What can you do to ensure you stay informed without getting sucked into the vortex of doom and find yourself staring at social media feeds, blogs, and a host of different news sources? It is worth thinking about the information you consume as being a diet like the one you have for your nutrition. Andjust like with what you eatyou need a balanced media diet. Here are a few suggestions to help you stay informed without overindulging. Limit your intake To ensure your stay informed, pick a time when you can pay attention so that the news isnt blaring in the background or youre not just staring blankly at a website. Then, decide how much time you have to devote to the news. You can probably get a lot out of 15 minutes of concentrated reading. I recommend setting a timer on your phone. When your timer goes off, finish the story and move on. It is important to use some kind of external reminder to finish. Otherwise, one story can lead to the next, which can lead to another. Before you know it, a much longer time than you intended to spend has gone by. You are particularly likely to over consume media when the news is stressful. Uncertainty can enhance your stress. By reading more, you give yourself the illusion that you know more, which will make you feel less anxious in the short run. In the long run, that focus on threatening news can keep you feeling fearful. Pick a variety of sources Even when the news isnt that anxiety-provoking, media know that they can best get your eyeballs when they find a potential calamity that they can scream from their headlines. So, even a slow news day has its stressors. I recommend that you pick a few reliable news sourcespreferably ones that have a different underlying political slant or area of expertise. If the same story appears (in some guise) in all of the sources you use routinely, it is probably something worth paying attention to. Getting a variety of viewpoints also gives you different angles for thinking about the story. You also want to find sources that have expertise related to your particular industry. Most market sectors have companies, magazines, or outlets that cover news of particular relevance to people in your business. Those sources are also important, because they focus on events that may not be of wide significance, but will affect your work. In addition, those sources will clue you in to what other people in your industry are likely to be thinking about. Push yourself away from the table There will be some days when particular events or news stories capture you, and youre tempted to keep digging. Your fascination (or anxiety) about these stories may keep you reading well past your allotted time. That is when you need to engage your willpower and stop the madness. Fitness guru Jack LaLanne was reported to have said, The best exercise is pushing yourself away from the table. Similarly, the best cure for news-induced stress is to close the paper, put down the phone, turn off the radio, and do something else.
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E-Commerce
President Donald Trumps proposed fiscal year 2026 discretionary budget is called a skinny budget because its short on line-by-line details. But historic preservation efforts in the U.S. did get a mentionand they might as well be skinned to the bone. Trump has proposed to slash funding for the federal Historic Preservation Fund to only $11 million, which is $158 million less than the funds previous reauthorization in 2024. The presidential discretionary budget, however, always heads to Congress for appropriation. And Congress always makes changes. That said, the Trump administration hasnt even released the $188 million that Congress appropriated for the fund for the 2025 fiscal year, essentially impounding the funding stream that Congress created in 1976 for historic preservation activities across the nation. Im a scholar of historic preservation whos worked to secure historic designations for buildings and entire neighborhoods. Ive worked on projects that range from making distressed neighborhoods in St. Louis eligible for historic tax credits to surveying Cold War-era hangars and buildings on seven U.S. Air Force bases. Ive seen the ways in which the Historic Preservation Fund helps local communities maintain and rehabilitate their rich architectural history, sparing it from deterioration, the wrecking ball, or the pressures of the private market. A rare, deficit-neutral funding model Most Americans probably dont realize that the task of historic preservation largely falls to individual states and Native American tribes. The National Historic Preservation Act that President Lyndon B. Johnson signed into law in 1966 requires states and tribes to handle everything from identifying potential historic sites to reviewing the impact of interstate highway projects on archaeological sites and historic buildings. States and tribes are also responsible for reviewing nominations of sites in the National Register of Historic Places, the nations official list of properties deemed worthy of preservation. However, many states and tribes didnt have the capacity to adequately tackle the mandates of the 1966 act. So the Historic Preservation Fund was formed a decade later to alleviate these costs by funneling federal resources into these efforts. The fund is actually the product of a conservative, limited-government approach. Created during Gerald Fords administration, it has a revenue-neutral model, meaning that no tax dollars pay for the program. Instead, its funded by private lease royalties from the Outer Continental Shelf oil and gas reserves. Most of these reserves are located in federal waters in the Gulf of Mexico and off the coast of Alaska. Private companies that receive a permit to extract from them must agree to a lease with the federal government. Royalties from their oil and gas sales accrue in federally controlled accounts under the terms of these leases. The Office of Natural Resources Revenue then directs 1.5% of the total royalties to the Historic Preservation Fund. Congress must continually reauthorize the amount of funding reserved for the Historic Preservation Fund, or it goes unfunded. Despite bipartisan support, the fund has been threatened in the past. President Ronald Reagan attempted to do exactly what Trump is doing now by making no request for funding at all in his 1983 budget. Yet the fund has nonetheless been reauthorized six times since its inception, with terms ranging from five to 10 years. The program is a crucial source of funding, particularly in small towns and rural America, where privately raised cultural heritage funds are harder to come by. It provides grants for the preservation of buildings and geographical areas that hold historical, cultural, or spiritual significance in underrepresented communities. And its even involved in projects tied to the nations 250th birthday in 2026, such as the rehabilitation of the home in New Jersey where George Washington was stationed during the winter of 177879 and the restoration of Rhode Islands Old State House. Filling financial gaps Ive witnessed the funds impact firsthand in small communities across the nation. Edwardsville, Illinois, a suburb of St. Louis, is home to the Leclaire Historic District. In the 1970s, it was added to the National Register of Historic Places. The national designation recognized the historic significance of the district, protecting it against any adverse impacts from federal infrastructure funding. It also made tax credits available to the town. Edwardsville then designated Leclaire a local historic district so that it could legally protect the indelible architectural features of its homes, from original decorative details to the layouts of front porches. Despite the designation, however, there was no clear inventory of the hundreds of houses in the district. A few paid staffers and a volunteer citizen commission not only had to review proposed renovations and demolitions, but they also had to figure out which buildings even contributed to Leclaires significance and which ones did notand thus did not need to be tied up in red tape. Edwardsville was able to secure a grant through the Illinois State Historic Preservation Office thanks to a funding match enabled by money disbursed to Illinois via the Historic Preservation Fund. In 2013, my team created an updated inventory of the historic district, making it easier for the local commission to determine which houses should be reviewed carefully and which ones dont need to be reviewed at all. Oil money better than no money The historic preservation field, not surprisingly, has come out strongly against Trumps proposal to defund the Historic Preservation Fund. Nonetheless, there have been debates within the field over the funds dependence on the fossil fuel industry, which wa the trade-off that preservationists made decades ago when they crafted the funding model. In the 1970s, amid the national energy crisis, conservation of existing buildings was seen as a worthy ecological goal, since demolition and new construction required fossil fuels. To preservationists, diverting federal carbon royalties seemed like a power play. But with the effects of climate change becoming impossible to ignore, some preservationists are starting to more openly critique both the ethics and the wisdom of tapping into a pool of money created through the profits of the oil and gas industry. Ive recently wondered myself if continued depletion of fossil fuels means that preservationists wont be able to count on the Historic Preservation Fund as a long-term source of funding. That said, youd be hard-pressed to find a preservationist who thinks that destroying the Historic Preservation Fund would be a good first step in shaping a more visionary policy. For now, Trumps administration has only sown chaos in the field of historic preservation. Already, Ohio has laid off one-third of the staffers in its State Historic Preservation Office due to the impoundment of federal funds. More state preservation offices may follow suit. The National Council of State Historic Preservation Officers predicts that states soon could be unable to perform their federally mandated duties. Unfortunately, many people advocating for places important to their towns and neighborhoods may end up learning the hard way just what the Historic Preservation Fund does. Michael R. Allen is a visiting assistant professor of history at West Virginia University. This article is republished from The Conversation under a Creative Commons license. Read the original article.
Category:
E-Commerce
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