“Stablecoin Law Is Critical to Rebuilding Trust,” Says Visa CEO

In a recent interview, Alfred F. Kelly, Jr., President and CEO of Visa Inc., stated that he believes the demise of FTX would result in unambiguous regulation of stablecoins, as this is “what is required to rebuild trust among the public.”

On CNBC‘s “Squawk on the Street,” the CEO of the world’s second-largest card payment business stated:

“I’m hoping that after this FTX debacle, we’ll see stablecoin legislation emerge fast.” Because I believe it is vital to reestablish people’s trust.”

Simultaneously, he stated that Visa is ready to prepare cryptocurrency to become a tool in the field of payments and remittances.

Visa Chief Financial Officer Vasant Prabhu told CNBC in a phone interview on October 7, 2022:

“Despite the dip in value, there is still a consistent interest in stablecoins and cryptocurrencies.” We don’t have an opinion on the value of cryptocurrencies, so as long as individuals want to buy, we want to make it possible.”

A Visa spokeswoman stated on November 14, 2022, three days after FTX filed for Chapter 11 bankruptcy protection:

“We have terminated our global partnerships with FTX, and the issuer has canceled their US debit card program.”

CNBC reported on November 17, 2022, that Visa had named Ryan McInerney, President of Visa since 2013, to replace Al Kelly as CEO of Visa beginning February 1, 2023.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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