He then praised Bitcoin as a "technology that is not controlled or influenced by any single individual or entity."
"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.
Dorsey's leadership position had been under scrutiny after activist investor Elliott Management took a major stake in Twitter in February
Reactions from Bitcoin Twitter and beyond as Square puts 1% of its treasury assets into bitcoin.
Twitter CEO Jack Dorsey tweeted his disapproval of Coinbase CEO Brian Armstrong steering his company away from corporate activism.
Jack Dorsey said the nonprofit Blue Sky will use blockchain to create an open Twitter protocol and give people more control over their data.
The NASCAR driver has a new sponsorship deal with Jack Dorsey's Cash App. His car will sport the bitcoin logo at race events.
An activist investor owned by billionaire Paul Singer reportedly has plans to shake up the management at Twitter after taking a big stake in the firm.
Square reported bitcoin revenues of $178 million between Nov. 1 and Dec. 31, 2019, with profits of $3 million, up 50 percent over the prior two quarters.
The Twitter and Square founder also appears to be pushing Unicode to introduce the bitcoin emoji in the universal web standard.
Square's newly awarded patent enables seamless transactions between a number of potential asset types including crypto.
Square processed $148 million in bitcoin sales in the third quarter of 2019.
CoinList's latest funding round will help it develop a new exchange and wallet.
The private Libra project is not in line with what Dorsey wants Twitter to stand for, the CEO (and bitcoin supporter) said.
As crypto becomes more widely used, Square will transition to providing a broader range of “internet services” rather than just fintech, Jack Dorsey predicted.