Hard regulation will harm the business

CEO of Square, Jack Dorsey wrote an open letter to the regulators to consider the too hard planned laws. Based on the current drafts, crypto-related payment providers should collect, store, and send a lot of data about their customers, and the transactions. Actually, way more data, compared to what needed to monitor in case of cash transactions.

And if customers, clients will feel inconvenient these rules, they will move their funds away. That means, to other countries, other companies. As a result, the US companies will get less revenue, less profit, so the US, as a national economy, will get less revenue. Fewer jobs, fewer tax dollars, everyone will lose.