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Square, Inc comments on FinCEN’s Proposed Rulemaking that creates unnecessary hurdles for transacting in cryptocurrency
2 weeks ago, FinCEN (a bureau of the U.S. Treasury Department) proposed a cryptocurrency rule that creates unnecessary hurdles for transacting in cryptocurrency. We have submitted a formal comment letter in response, which can be found here: https://t.co/qgxAyjpoCb.
— Square (@Square) January 4, 2021
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We believe this rule would ultimately drive cryptocurrency activity away from U.S.-regulated services, hamstringing law enforcement capabilities and hindering U.S. innovation.
— Square (@Square) January 4, 2021
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This is a critical moment in the advancement of crypto. We've asked FinCEN to extend the comment period and allow for additional formal collaboration with all stakeholders, as we believe more consideration is needed to review the consequences of the proposed rule.
— Square (@Square) January 4, 2021
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Square, Inc.’s Federal Comment Letter Regarding FinCEN’s Proposed Rulemaking
Square, Inc. (“Square”) is a financial services company that was founded in 2009 to expand economic access for individuals and businesses underserved by the existing financial system. Since that time, we have provided tools to millions of entrepreneurs and individuals that have helped them run their small businesses, manage their finances, and grow in the economy. One of our core principles is that people should have the ability to participate in financial systems easily and equitably. No one should be left out because the barriers are too high, the cost is too great, or the technology too complex. Because we ... (full story)