For a long time, Dorsey has been an avid Bitcoin enthusiast. He personally funded startups like Lightning, which are building the infrastructure for the dominant cryptocurrency.
Dorsey has also supported Bitcoin on my occasions. Most recently, Dorsey said that the Financial Crimes Enforcement Network (FinCEN)’s proposed cryptocurrency regulation is not practical.
The FinCEN legislation, if passed, would require entities to keep track of non-custodial wallets and sensitive personal data behind them to be sent to the FinCEN above a certain transaction amount.
Dorsey said that he opposes this piece of regulation, stating:
“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.”