Project Manager at Square Crypto Stresses Focus on Bitcoin in Twitter AMA

Project Manager at Square Crypto Stresses Focus on Bitcoin in Twitter AMA

Steve Lee says Square Crypto’s goal is “Bitcoin for all,” but other complementary tech and use cases may receive attention too

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Steve Lee, a project manager at Square Crypto — the crypto arm of the payments company Square — made a number of recent remarks that solidify the company’s emphasis on Bitcoin (BTC). Lee commented to this effect in the course of an “ask me anything” (AMA) session via Twitter on July 29.

Jack Dorsey had previously discussed how Square Crypto aims to develop the crypto ecosystem in general, and is taking steps to improve infrastructure for all — not just Square. 

However, the recent AMA indicates that Bitcoin is playing a main role in their current developments. Early on in the AMA, Lee described Square Crypto as “an open-source initiative designed to strengthen the bitcoin ecosystem.” He also wrote

“Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking.”

Square Crypto or Square Bitcoin?

Over the course of the AMA, one user even asked Lee why the group called themselves “Square Crypto” instead of “Square Bitcoin.” Lee simply responded by linking to an earlier tweet in the AMA, in which he said:

“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”

The response leaves open the possibility of developing Bitcoin-adjacent infrastructure within the crypto space at large, but still highlights the original cryptocurrency as the nascent team’s main priority. 

Square stock up with Bitcoin rally

Square stock is also on a roll this year as crypto markets recovered from last year’s “crypto winter.” As Cointelegraph reported last week, Square stock is up over 50% in 2019, while Bitcoin’s price has soared over 150% since Jan. 1.

As previously reported by Cointelegraph, Square unveiled Bitcoin deposits for its Cash App at the end of June. This service allows Bitcoin to be deposited from external wallets, with a cap of $10,000 worth of Bitcoin every seven days.


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Steve Lee says Square Crypto’s goal is “Bitcoin for all,” but other complementary tech and use cases may receive attention too

US Treasury Secretary Shares Trump’s Concerns on Crypto, Stresses Compliance

US Treasury Secretary Shares Trump’s Concerns on Crypto, Stresses Compliance

The U.S. Treasury Secretary echoed Trumps’ recent anti-crypto tweets and stressed the role of FinCEN as a regulator with purview over cryptocurrency organizations

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United States Treasury Secretary Steven Mnuchin shares President Donald Trump’s concerns on the use of cryptocurrency to finance illicit activity, and stresses the role of enforcing FinCEN regulations with respect to crypto-dealing organizations. Mnuchin made his remarks at a press conference on July 15.

Mnuchin called the use of cryptocurrencies to fund illicit activity a national security issue, saying that billions of dollars have been used for this purpose:

“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking … This is indeed a national security issue.”

In response to a question from the press, Mnuchin further commented on the ostensible role of crypto as a means to finance crime, saying:

“I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”

Secretary Mnuchin also echoed the Presidents’ latest Twitter posts on cryptocurrencies, saying: “As the President has said: ‘Bitcoin is highly volatile and based on thin air’” and “Treasury takes very seriously the role of the U.S. dollar as the world’s reserve currency.”

As previously reported by Cointelegraph, President Trump tweeted out a series of anti-crypto and anti-Bitcoin remarks on July 12, following his “Social Media Summit” for conservative personalities. Trump remarked that the value of crypto is “highly volatile and based on thin air” and that they can “facilitate unlawful behavior.”

According to Mnuchin, the Treasury has stressed — to Facebook and Bitcoin (BTC) users among others — that digital financial services are bound by the same Anti-Money Laundering and Combating the Financing of Terrorism policies as traditional institutions such as banks.

Additionally, he said that any crypto transmitters must comply with the Bank Secrecy Act (BSA) and register with the Financial Crimes Enforcement Network (FinCEN): a bureau of the Treasury. FinCEN is the federal regulator that implements the BSA in practice, and has authority over all money service transmitters — including cryptocurrency projects such as Libra.

Mnuchin also established the Financial Stability Oversight Council’s Working Group on Digital Assets, which reportedly includes key regulatory players such as the SEC, CFTC, and the Fed in addition to FinCEN. The idea of this group is to mitigate purported regulatory risks associated with cryptocurrencies.


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The U.S. Treasury Secretary echoed Trumps’ recent anti-crypto tweets and stressed the role of FinCEN as a regulator with purview over cryptocurrency organizations