In a recent interview, Alfred F. Kelly Jr. Visa Inc. Chairman and CEO, AKA ‘Al Kelly’, Said He Hopes FTX’s Demise Will Lead To Proper Crypto Regulation, ‘What It Takes To Regain People’s Trust’ .
according to report The Daily Hodl, the incumbent CEO of the world’s second largest card payment organization, said during an appearance on CNBC’s “Squawk on the Street.”
“For investors and employees, we hope to see an acceleration in regulation and a leaning toward good stablecoin regulation from this FTX debacle. Because I think that’s what you need to do to regain people’s confidence. And time will tell...
“We are gearing up for a reality where cryptocurrencies are potentially involved in payments and money movements. As you know, we don’t pick winners or losers. Ultimately, it’s up to the consumer and the experience to decide. But we are creating onramps and offramps for cryptocurrency players, putting Visa cards in their wallets, converting stablecoins into fiat currency, and allowing them to shop anywhere using their Visa cards. We are working to eventually settle with merchants who want to settle in stablecoins instead of fiat currency.“
Here’s how FTX co-founder and CEO Sam Bankman-Fried (“SBF”) first announced: FTXcard January 21, 2022:
On October 7, 2022, CNBC journalist Kate Rooney report Vasant Prabhu, CFO of Visa, said in a telephone interview with CNBC.
“Interest in crypto remains stable even though its value has fallen. We have no position as a company on what the value of cryptocurrencies should be or whether it’s a good thing in the long run. As long as people have something they want to buy, we want to promote it.“
SBF told CNBC (by phone):
“This is a technology that completely disrupts traditional payment networks. There are decisions you have to make as a traditional payments company. Do you want to rely on this or fight it? Respect the fact that many of them are into it.“
The SBF continued, “A lot of stuff like these is potentially cool and valuable in the US,” but the world has “very poor alternatives to payment rails and great demand for something better. “There is a place,” he said.
Cuy Sheffield, Head of Cryptocurrency at Visa, said: said in an email To TechCrunch:
“Crypto is community driven. We know that we cannot provide the best cryptocurrency experience on our own. The partnership brings together FTX, one of the largest and most innovative cryptocurrency platforms, with Visa and its network of 80 million merchants.“
On November 14, 2022, three days after FTX filed for Chapter 11 bankruptcy protection, CoinDesk report What a Visa spokesperson told them:
“We have terminated our global agreement with FTX and our US debit card program is being closed by the issuer.“
November 17, 2022, CNBC report Visa has appointed Ryan McInerney, who has served as President of Visa since 2013, as CEO of Visa effective February 1, 2023, succeeding Al Kelly.