American financial services and digital payments company Square has added to its team Julie Stitzel, former vice president at Center for Capital Markets Competitiveness of the U.S. Chamber of Commerce, to spearhead its Bitcoin (BTC) policy unit.
Square is known for its support of Bitcoin development through its branch Square Crypto and makes BTC available to retail investors through its Cash App. A company representative has told CoinDesk that Stitzel will lead teams under the Cash App to work on the “evolving Bitcoin policy sphere.”
The spokesperson said, “(Stitzel) will help Square advance our strategic and long-term thinking on crypto issues and will help drive education and engagement with outside parties who work in this space.”
In a recent interview, Chief Financial Officer Amrita Ahuja said that Square wants to continue to support the broader adoption and awareness of Bitcoin.
The company official was quoted by Fortune.com as saying: “We see Bitcoin and cryptocurrencies as expanding access to financial services, especially when you think more globally.”
It’s no wonder that the digital payment giant has amassed a significant amount of the digital currency on its balance sheet, having 8,000 BTC as of February this year.
A growing trend
The number of companies involved in Bitcoin targeting to hire U.S. financial regulators to join their teams is a growing trend, and Square has definitely joined the fold.
Earlier this year, the “CryptoComptroller” Brian Brooks, who led the Office of the Comptroller (OCC) under President Donald Trump, has been hired by the U.S. arm of cryptocurrency exchange Binance to serve as its new chief executive.
The entry of these regulatory experts into the Bitcoin world is said to aid in strengthening the regulatory compliance of BTC-focused companies. It also provides an opportunity for them to use their government experience in a much more lucrative private sector.
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