U.S. SEC Commissioner Hester Peirce stated in an article that Privacy-Enhancing Technologies (PETs) are crucial for the digital finance era, and regulators should not base the direction of technological development on expanding regulatory frameworks. Peirce pointed out that protecting financial privacy is not in opposition to security; encryption technology can help ordinary users guard against data breaches, theft, and malicious activities. Current regulatory requirements mandate that securities transfer agents record the names and addresses of holders, but the public address mechanism of blockchain can verify asset ownership without exposing personal identity information, thereby reducing the risk of sensitive data breaches for investors.