In a recent interview, Alfred F. Kelly, Jr. (aka “Al Kelly”), chairman and CEO of Visa Inc., said he hopes the collapse of FTX will lead to good regulation of cryptocurrencies, which is “what it takes to win back people’s trust.” According to a report by The Daily Hodl, the outgoing CEO of the world’s second-largest payment card organization said during an appearance on CNBC’s “Squawk on the Street”:
“I hope that one good thing that comes out of this FTX disaster for his investors and staff is that we see an acceleration of regulation and reasonable regulation of stablecoins. Because that’s what it takes to earn people’s trust, and we’ll see in time.
We are bracing ourselves for the reality that cryptocurrencies can play a role in payments and money movement. You know, we don’t pick winners or losers. Ultimately, we let the consumer and the experience decide. But we create the ins and outs for cryptocurrency players, put Visa cards in wallets, can convert stablecoin into fiat currency, and use their Visa cards to shop anywhere they want to shop. We’re even working on reaching an agreement with a merchant by the end of the day if you settle in a stablecoin or currency.
On October 7, 2022, CNBC journalist Kate Rooney reported that Vasant Prabhu, Visa CFO, told CNBC in a phone interview, “Although stocks have declined, there is still a steady interest if it’s a good thing, in the long run, if people have something they want to buy, we want to do it.
SBF told CNBC (by phone): “It’s a technology that we see as absolutely disruptive to traditional payment networks. As a traditional payments company, you have the decision to make: do you want to lean on that or do you want to fight?” Against? I respect the fact that a lot of them tend to do that. SBF went on to say that “a lot of this stuff in the United States might be cool and are valuable.” Still, there are places in the world “with impoverished people.” Alternatives to salary scales and high demand for something better.
Buy Sheffield, head of the Crypto at Visa, said in an email to TechCrunch, “Crypto is community driven; We know we cannot deliver the best crypto experiences alone. With this partnership, we are bringing together FTX, one of the largest and most innovative crypto platforms, with Visa and our network of 80 million merchants. On November 14, 2022, three days after FTX filed for Chapter 11 bankruptcy protection, CoinDesk reported that a Visa spokesperson had told them, “We have terminated our global agreements with FTX, and its issuer will terminate in the debit card program.