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

Jack Dorsey published an open letter on Monday attacking proposed US government regulation that would require companies to collect names and addresses of people making large cryptocurrency transactions.

The regulation is supposed to make it easier for law enforcement to track illicit transactions, but Dorsey says it will have the exact opposite effect.

He also argued the regulation would unfairly target cryptocurrency over traditional payment methods and violate people's privacy.

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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,