General simulation-based privacy beyond the public-investor policy

Develop a comprehensive, simulation-based privacy framework for the Treasury Proof Ledger that proves privacy for policies and leakage functions beyond the specific public-investor policy V_pub and leakage profile L_pub, identifying the necessary primitives and assumptions and constructing verifiable protocols that preserve the required privacy while maintaining the ledger’s anchoring and verification properties.

Background

The paper proves a restricted privacy theorem (Theorem thm:pub-privacy) for a specific public-investor policy, V_pub, under a carefully defined leakage profile L_pub and strong assumptions (e.g., zero-knowledge or witness-indistinguishable proofs for PoR and PoT).

The authors explicitly note that broader privacy guarantees are not provided and that extending privacy to richer policies and leakage profiles is not yet resolved, indicating an open direction for formalizing and proving privacy for a more general class of policies and observers within the TPL framework.

References

In this paper we formalise only a restricted privacy guarantee for a public-investor policy (Theorem~\ref{thm:pub-privacy}); more general policies and leakage functions remain an open problem.

— The Treasury Proof Ledger: A Cryptographic Framework for Accountable Bitcoin Treasuries (2512.03765 - Puente et al., 3 Dec 2025) in Security objectives, Table “Goal status” (Section 4)