Yes and no. Yes it can be done, but no it can't be done with an easy parameter. You'll need to use CSS. Example as follows.
Code:
.cbRegistration #FIELDNAME___cbprivacy {
display: none;
}
Replace FIELDNAME with the actual name of your field (e.g. username). Just place at the bottom of your Joomla template CSS file. If you need to hide it for multiple fields you can also do the below.
Code:
.cbRegistration #FIELDNAME1___cbprivacy,
.cbRegistration #FIELDNAME2___cbprivacy,
.cbRegistration #FIELDNAME3___cbprivacy {
display: none;
}