Twitter CEO Jack Dorsey recently laid out his opposition to proposed cryptocurrency regulation, stating that it would create “perverse incentives for cryptocurrency customers to avoid regulated entities for cryptocurrency transactions.”
The Verge reports that Twitter CEO Jack Dorsey recently expressed his opposition to proposed cryptocurrency regulations which he believes will hurt his payment processing company Square and create “unnecessary friction and perverse incentives for cryptocurrency customers to avoid regulated entities for cryptocurrency transactions.”
Square purchased $50 million in bitcoin in October and has moved heavily into the cryptocurrency sector in recent months. A new regulation proposed by the Financial Crimes Enforcement Network (FinCEN) would require financial institutions such as Square to collect personal information about the parties involved in cryptocurrency transactions. More information on these regulations can be found here.
The regulations propose that financial institutions collect the name and physical address of both parties of any large transaction that they’re involved