Jason Oxman (CEO of the Electronic Transactions Association, ETA), said that his members might begin to recognize Bitcoin’s disruptive power, and that it could lead more traditional electronic payment providers to partner with Bitcoin startups.
Press release: On August 6th, BitPay was welcomed as the first virtual currencies company to join ETA. According to the press release, this announcement reaffirmed ETA’s willingness to embrace technology and to anticipate “more such partnerships as the payments industry innovates for the future.”
The head of the trade association for financial services, in a recent interview, stated that the ETA does not support Bitcoin, and has not adopted an official position that would be detrimental to other technologies. He also said that his backing extends to all electronic transaction types.
Oxman cited BitPay’s recent partnership in Atlanta with Bitcoin-based payment solutions provider BitPay to demonstrate that the ETA is still alive and well. “will not turn a blind eye to innovation.” Oxman was said to have been trying to portray his company as one which is willing to work with new tech companies including Bitcoin related ones, and that his decisions were largely based on demand.
“At bottom, our industry is in the business of facilitating electronic transactions, and those electronic transactions are going to take the form of whatever the customer or merchant of choice agrees is going to be the form of their electronic transaction.”
ETA Chief Executive Officer, Jason Oxman
Oxman added the Bitcoin Foundation The ETA played a significant role in educating them on Bitcoin’s benefits, highlighting strategic partnerships that could be formed between Bitcoin companies and those in the electronic payment sector. Oxman referred to a 2013 ETA event where Patrick Murck, general counsel of the Bitcoin Foundation spoke.
“[Murck] did a good job of putting a business-focused backing to bitcoin. With that kind of introduction, our members look to bitcoin as an interesting development in the industry, and at least one of our members has seen fit to strike a deal with a bitcoin processor.”
Oxman has also made comments on NY BitLicense A proposal was made, noting the ETA has had to in the recent past pave the path for new payment options, such as PayPal. They have spent the majority of their time ensuring government doesn’t restrict innovation. Oxman, however, understands that the Government is reacting this way, explaining how regulators have been most worried about consumer protection.
“In the world of new payments technologies, any regulators are going to ask questions about the level of consumer protection available through alternative payment systems. The less those systems are established and deployed, the more regulators are going to feel compelled to step in and protect consumers where those protections are not otherwise available.”
Oxman, who is known for his toughness and tenacity, believes that to fully understand the BitLicense issue the NYDFS needs to do more research into Bitcoin.
“I do think that it’s important to sound a cautionary note that regulators should not apply reflexive rules just because something is new. What they should do instead – hopefully New York will undertake this, but the early signs are cause for concern – they should take a real in-depth look at how bitcoin’s systems operates, how the block chain operates, how bitcoin providers like bitcoin processors take additional steps to protect consumers, to protect merchants.”
Benjamin Lawsky is the New York Department of Financial Services Superintendent. extended the public comment period This action delayed the submission deadline of the BiLicense proposals by 45 calendar days. It was moved to 21 October. This was a result of the joint letter BTC China Huobi OkCoin “Big three” Lawsky was contacted by many people who expressed their concerns and comments about the proposed regulatory scheme.
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Source: cointelegraph.com
