The CEO of payments giant Visa says that more regulation is needed for the crypto space to regain user confidence after the FTX collapse.
In a new interview with CNBC’s Jim Cramer, the outgoing Visa CEO Al Kelly says he hopes the downfall of FTX will speed up oversight of the crypto market.
“I hope one good thing that comes out of this FTX disaster for their investors and their employees, is that we see an acceleration towards regulation and leaning into good, stablecoin regulation. Because I think that that is what’s necessary to build back confidence for people. And we’ll see over time.”
Kelly says Visa is laying the groundwork to offer services involving digital assets as it anticipates a growing demand among business owners and consumers to use credit cards to make crypto transactions.
“We are setting up for the reality of crypto potentially having a role in payments and money movement. You know, we don’t pick winners or losers. We ultimately let the consumer and the experience decide. But we’re creating on and off-ramps for crypto players, putting Visa cards in wallets, being able to convert the stablecoin to a fiat currency, and being able to use their Visa card to shop anywhere they want to shop. We’re even working on being able to settle with a merchant at the end of the day who wants to get settled in a stablecoin versus settled in a currency.”
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