# Privacy and disclosure The privacy model is not a clever new invention. It is the one regulated finance has always used, finally available on a public chain. Four parties, four different views of the same zone.  The public sees only what crosses the boundary, a deposit entering and a withdrawal leaving. You, the operator, see every account and transaction, the way a bank sees its core ledger, because you have to for your own books, for AML, and for supervision. The account holder sees their own account, the way a customer sees their statement. The regulator sees whatever you disclose through legal process, exactly as today. Disclosure flows through you, to the parties legally entitled to compel it. And because of the proof system, you can demonstrate solvency and backing cryptographically without exposing customer-level data publicly. Confidentiality and compliance are not in tension here. The zone gives you both, because that is how every functioning financial system already works. :::tip Regulation is moving toward treating financial privacy as a baseline obligation, not an optional feature. GDPR, CPRA, APPI, MiCA, and the emerging stablecoin frameworks all push the same way. A zone makes that posture the default state of the system rather than something you bolt on. :::