In a recent report, most major crypto firms in the United States (US) vehemently opposed regulatory proposals put forward by the Financial Crime Enforcement Network (FinCEN).
FinCEN has proposed new rules, forcing businesses conducting crypto operations to collect data related to the identities of non-customer counterparties.
CEO of Square financial services firm Jack Dorsey explained that the action had actually exceeded the requirements for cash transactions.
"Such claims force the collection of unreliable data about individuals who do not choose our services or register as our customers."
Square expects if the regulation is passed, the country's crypto users will be kicked under unregulated crypto services based outside the US.
Dorsey further explained that FinCEN will be further away from cryptocurrency transactions than at present.
Just like Square, a crypto exchange platform, Kraken criticized FinCEN’s motion, claiming the authorities failed to incur costs for the introduction of the rules including agreeing that the passage of the law would remove users from the legitimate platform.
Coinbase had earlier sent an application to the U.S. Treasury Department, requesting that the proposal be canceled because it was seen as a "breach of consumer privacy" and failed to benefit the public.
