Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Payments Giant Square Says New US Regulations Will Hurt Crypto Adoption and Enforcement

by Daily Hodl Staff
January 5, 2021
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Payments giant Square is pushing back against proposed regulation from the U.S. Financial Crimes Enforcement Network (FinCEN) that would require stricter oversight of cryptocurrency transactions.

In a letter addressed to FinTech’s Policy Division, Square says the record-keeping and reporting requirements under the proposed policy are far beyond what is currently required for cash transactions.

“Instead of leveraging blockchain tracing with wallet addresses (which to date has proven effective in tracking the unlawful activity cited in the Proposal leading to indictments and convictions), FinCEN proposes a static requirement that would have us collect names and physical addresses from non-customers…

Square would be required to collect unreliable data about people who have not opted into our service or signed up as our customers.”

Square says that the proposed regulation will cause users to move away from regulated crypto transaction services and resort to non-custodial wallets and crypto services outside the country.

“By adding hurdles that push more transactions away from regulated entities like Square into non-custodial wallets and foreign jurisdictions, FinCEN will actually have less visibility into the universe of cryptocurrency transactions than it has today.”

The firm calls on FinCEN to consider “principle-based regulations,” and says that the proposed new rule will actually limit the nation’s law enforcement capabilities, in addition to hurting crypto adoption and invade people’s privacy.

“This Proposal will inhibit financial inclusion, present practical problems, is arbitrary and unduly burdensome, and will drive innovation and jobs outside of the U.S. and regulated institutions. We believe the work that industry and law enforcement have done and continue to do together has been effective and should be supported and strengthened.”

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Check Latest News Headlines




Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/fanjianhua

Submit a Press Release

Crypto Livewire – Press Releases

  • Cometh Partners With Alchemix for “Wizards” Collection of Yield-Generating NFTs
    April 9, 2021
  • eToro Appoints Dr. Hedva Ber, Israel’s Former Banking Supervisor, As Deputy CEO and Global COO
    April 8, 2021
  • Blockchain Provider Orbs Is Now Accessible Through the AWS Marketplace
    April 8, 2021
  • Taraxa to Integrate a Chainlink Timestamp Oracle for Tracking Informal Transaction Agreements
    April 8, 2021
  • Immutable X Launches Gas-Free Layer-2 Solution Paving the Way to Mainstream NFT Adoption
    April 8, 2021
  • SpiderDAO Announces TestNet Deployment
    April 7, 2021
  • The Crypto Card With Everyday Purchasing Power That Gives You Full Control Over Your Assets
    April 7, 2021
Submit a Guest Post
ADVERTISEMENT
ADVERTISEMENT
Bitcoin
$59,931.00
$59,931.00
2.52%
Ethereum
$2,130.34
$2,130.34
2.55%
Binance Coin
$460.91
$460.91
3.76%
XRP
$1.24
$1.24
20.58%
Polkadot
$40.70
$40.70
0.25%
Cardano
$1.21
$1.21
0.38%

Spotlight

  • Mark Cuban Says He’s Part of Secret Snapchat Group for Billionaires
    April 5, 2021
  • Massive Catalysts Coming to Bitcoin, Ethereum, Cardano and Polkadot, Says Crypto Trader Lark Davis
    April 9, 2021
  • These 5 Low-Cap Crypto Assets Are Flashing Massive Bullish Signals, According to Santiment
    April 6, 2021
  • Bitcoin Past Point of Potential Ban, Says SEC Commissioner Hester Peirce
    April 10, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX

© 2020 The Daily Hodl