SEC Commissioner Calls Watchdog’s Crypto Warning Into Question

• French authorities have initiated a probe into Worldcoin over concerns that its data collection and storage practices may not be entirely legal.
• The CNIL is collaborating with its German counterpart as the latter directly oversees the project as its primary European regulator.
• The project is also under investigation in the U.K. for similar reasons.

French Privacy Regulator Investigates Worldcoin

The French privacy regulator, CNIL, has begun an investigation into Worldcoin’s data collection and storage practices. This follows intense criticism of the controversial project’s use of iris scan technology. The CNIL has stated that there are questions about the legality of the data collection and storing of biometric information involved in this process. They are working with their German counterparts to investigate since Germany is responsible for overseeing Worldcoin as its primary European regulator. Additionally, the U.K.’s watchdog is also conducting an investigation into these matters.

Worldcoin Foundation Response

In response to this news, Worldcoin Foundation issued a statement saying they comply with all laws and regulations governing data processing and privacy protection standards set forth by GDPR regulations in Europe and CCPA in California, USA respectively, as well as other applicable laws within their respective jurisdictions worldwide.

Investigation Details

The specific details of what will be covered by the investigations have yet to be revealed, but it appears that they will focus on how biometric data is collected and stored by Worldcoin’s platform- especially since GDPR regulations stipulate that such data must only be stored if explicitly requested or consented to by a user beforehand or if necessary for providing a service which requires such information for successful completion (i.e., authentication).

Consequences Of Investigation

If any violations are found during the investigations, then Worldcoin could face hefty fines from both France and Germany due to their respective GDPR rules which require companies to abide by strict standards when collecting personal user data or risk facing hefty penalties (up to 4% of total global annual revenue) if found guilty of non-compliance after an audit/investigation takes place . Furthermore, depending on what other issues arise during these investigations and any possible consequences stemming from them could mean further regulatory scrutiny for projects like this one which rely heavily on biometrics technology moving forward- at least when it comes to collecting user information within Europe specifically where such practices are subject to stricter scrutiny than elsewhere around world due to regional legislation like GDPR being enforced across EEA member states uniformly..


Overall, while no official verdict has been handed down yet from either France or Germany regarding their respective investigations into Worldcoin’s practices- it’s clear that more stringent regulation surrounding how companies collect personal user data (especially biometric) could be forthcoming if any violations are uncovered during these inquiries taking place right now throughout Europe including those related directly towards projects like this one which rely heavily upon such technologies moving forward going forwards ahead now onwards from here onwards today forward into tomorrow onward onwards evermore onward still onwards even further onward beyond indefinitely ever onwards forever more evermore..