Saudi Press

Saudi Arabia and the world
Saturday, Aug 02, 2025

Jack Dorsey slammed proposed US cryptocurrency laws as 'nonsensical' - 3 months after his company bought $50 million in Bitcoin

Jack Dorsey slammed proposed US cryptocurrency laws as 'nonsensical' - 3 months after his company bought $50 million in Bitcoin

"As written, these regulations will only result in undermining the stated goals of the proposal," Dorsey wrote.
Twitter founder Jack Dorsey has come out swinging against a recent attempt by the US government to regulate cryptocurrency.

In a 4,600-word open letter published Monday, Dorsey criticized new proposed regulation from the Financial Crimes Enforcement Network (FinCEN). The proposed new law would require companies to collect the names and addresses of people if they make cryptocurrency transactions over $3,000, the idea being this would help law enforcement in tracking down any illicit transactions being conducted.

Dorsey, writing in his capacity as CEO at payments company Square, said the proposed rules would make law enforcement harder as well as resulting in privacy violations.

"Were the proposal to be implemented as written, Square would be required to collect unreliable data about people who have not opted into our service, or signed up as our customers," Dorsey wrote.

Dorsey also said the regulation unfairly targets cryptocurrency compared to traditional payment methods. "The incongruity between the treatment of cash and cryptocurrency under FinCEN's proposal will inhibit adoption of cryptocurrency and invade the privacy of individuals," Dorsey wrote.

He gave an example of how he thought cryptocurrency would be unfairly targeted.

"If a Square customer's mother gifts her daughter $4,000 in physical cash and the daughter deposits those funds in a bank, the bank would have no obligation to collect information on the customer's mother. Under the proposal, if this same transaction were completed in cryptocurrency, the bank would have to reach beyond its customer relationship and intrude upon the mother's private information in order for the daughter to successfully deposit and freely access her gift," Dorsey wrote.

Dorsey argued the regulation would end up hindering, rather than helping, law enforcement because users would simply turn to offshore and possibly unregulated channels to escape it. "While it would be nonsensical for FinCEN to impose regulations that would result in less visibility into the activities it seeks to monitor, that is exactly what the proposal would do," he wrote.

Dorsey finished the letter by asking FinCEN to extend its comment period, allowing more industry experts to voice their opinion. "As written, these regulations will only result in undermining the stated goals of the proposal," he concluded.

Square bought up $50 million in Bitcoin in 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.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×