Jack Dorsey says proposed cryptocurrency regulation would create ‘perverse incentives’

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Illustration by Alex Castro / The Verge

Jack Dorsey, the CEO of Twitter and Square, isn’t happy about the new proposed cryptocurrency regulation. He emphasized how the regulation would hurt Square, a financial services company, in a letter posted to the company website.

In October, Square bought $50 million in bitcoin. The company also has invested heavily in the cryptocurrency ecosystem, so Square has plenty of skin in the game. The regulations create “unnecessary friction and perverse incentives for cryptocurrency customers to avoid regulated entities for cryptocurrency transactions,” Dorsey writes.

The regulation, proposed by the Financial Crimes Enforcement Network…

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