The Twitter co-founder Jack Dorsey slammed on Tuesday, the proposed US government regulation that would require companies to collect names and addresses of people making large cryptocurrency transactions.
Dorsey explained that the rules would create an onerous requirement for financial firms to collect personal information for people who haven’t signed up to use its service. That could give consumers an incentive to use their own cryptocurrency wallets instead of relying on established companies like Square.
Meanwhile, the regulations would require Square and other financial institutions to collect the name and physical address of anyone who sends or receives more than $3,000 worth of cryptocurrency in a single transaction. The companies would have to report that information to the feds for transactions larger than $10,000, according to Business Insider.
On other hand, Square bought up $50 million in Bitcoin on October last year. The popular cryptocurrency's worth soared by 305% in 2020 and hit a record high of $34,792.47 this Sunday, although it fell 17% on Monday — its biggest single-day decline since March.
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