Legacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference. “Currency trading is a multi-trillion dollar market — and it’s old and ugly and inefficient,” O’Leary said, adding that “[ t]he biggest threat to that monopoly or oligopoly is a regulated stablecoin.” “Once that’s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,” he said. Kevin O’Leary speaking at Consensus.
Source: CointelegraphStablecoin legislationUS lawmakers are working on legislation that stands to accelerate global stablecoin adoption, O’Leary added. US Senators are aiming to pass the so-called Genius Act — a framework for regulating stablecoins — before the end of May.“As soon as the SEC approves the stablecoin act, every regulator in the US’s circle — Abu Dhabi, Switzerland, England — will follow,” O’Leary said.“Who’s worried about this?
O’Leary said regulatory clarity for stablecoins may be a precursor to broader cryptocurrency reform that could potentially unlock trillions of dollars in institutional capital.“When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics,” US Senator Kirsten Gillibrand said during an event hosted by Coinbase's lobbying arm, Stand with Crypto.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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