1/2 Does it even matter? Fiat backed tokens have a context and a use. To convert your PAX coins back to USD, you need to take them back to the issuer, and claim your FIAT funds. They could refuse based on a private list. This way, it's all public.
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You are misinterpreting this. Consider that such requests can come from any US State, for various reasons, and they'd have to provide keys to all of them. No. That Modifier is just a role in their Compliance Team handling such requests, which is precisely what you're suggesting.
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Alright, I looked at the links
@dj provided and that didn’t seem obvious as the intention. If that’s true I’m happy to delete the tweet -
Hei, all good, I obviously don't *know* for sure, but that's what we do on asset tokens, it's common. Access management for multiple US states, agencies and employees, would be crazy. That's clearly merely a modifier for someone on THEIR team handling the requests. Cheers.
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Well I can confirm on behalf of
@PaxosGlobal that@jorgerpereira is correct! Giving direct access would be so unusual and unprecedented, it would absolutely have to be specified in privacy policy and/or Ts & Cs. It’s not there bc that’s not what it’s for. Thanks! -
Hey, I'm the eng lead for
@PaxosStandard - http://github.com/jgiles . I oversaw+reviewed contract development (including naming!) and can confirm the names are just to emphasize we would only freeze/seize if required by law. Gov't will never have keys. -
In fact, use of the contract owner or admin address requires assembling 3 of 5 Shamir shards held by separate
@PaxosGlobal execs on air-gapped, stripped-down, single-purpose device. Same will go for "law enforcement" address. -
Happy to talk about the controls + security more
@backus - I love digging into this stuff - but would appreciate if you deleted the FUD in the meantime :-) -
See the last A (https://www.paxos.com/standard/faq/ ): No, we will never give law enforcement direct access to our code. We have the ability to freeze and seize tokens, and we have labeled the related code to make it clear that we would only utilize this functionality if required to by law...
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