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The Financial Aftermath of 9/11

As the world looks back on one of the worst tragedies of the 21st century, it’s important to remember 9/11′s long-lasting aftereffects: increased financial surveillance and exclusion.

CoinDesk Insights
Sep 13, 2021 at 4:52 p.m. UTC
Updated Sep 13, 2021 at 4:52 p.m. UTC

Marc Hochstein is CoinDesk's executive editor. He owns some bitcoin.

9/11 was a human tragedy of staggering proportions.

This weekend America honored and mourned the first responders, office workers, airline passengers and others who lost their lives 20 years ago.

As the world looks back on one of the most consequential events of the 21st century, it’s important to remember 9/11′s long-lasting aftereffects – a reminder that emergencies can make for knee-jerk policy and unforeseen consequences.

These lingering effects include the increased mass surveillance and tightening of anti-money laundering rules under the USA Patriot Act and the toll these measures took on privacy, financial inclusion and innovation.

The added compliance burden raised the barriers to entry in financial services, further discouraging competition and strengthening incumbents with scale to offset the costs.

Meanwhile, as Shoshanna Zuboff argues in her book “The Age of Surveillance Capitalism,” the national security establishment’s thirst for ever-more private data dovetailed with Silicon Valley’s desire to mine it for profit.

Bitcoin, cryptocurrency and the Web3 movement can all to varying degrees be seen as reactions to these historical forces that undermined the liberating promise of the early internet.

Below are some relevant reads, representing a wide variety of perspectives published in CoinDesk over the years.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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