Coinbase CLO Tasks Lawmakers Towards Crypto Remittances

Coinbase Chief Legal Officer Paul Grewal has called for increased support for crypto remittance from lawmakers. This year, crypto adoption continues to surge with more participants embracing its cross-border functionality among others. As crypto gradually becomes a mainstream issue, users push for the passage of wider industry regulations in the United States.

Coinbase Executive Advocates For Remittance

Paul Grewal wrote on X (formerly Twitter) stressing the importance of remittance global globally adding that it shouldn’t cost so much to send payments across borders.

“Crypto for remittance payments is a real solution to a real problem. It shouldn’t cost you an arm and a leg to support loved ones abroad. With 1 in 8 Americans sending money home to family last year, lawmakers need to pay attention to this real utility.”

The importance of crypto remittances has been stressed by many within the community as it offers faster solutions with blockchain technology able to cater to the unbanked. According to Coinbase, one in eight Americans sent money overseas to help their families.

1 in 8 Americans sent money abroad last year.
Why? To help their families with daily living expenses.

But there are two problems:

✓ Fees are too high ($6 for every $100)
✓ Wait times are too long (literally days)@CoinbaseWallet can help. pic.twitter.com/7NqVzHxXYq

— Coinbase 🛡️ (@coinbase) June 20, 2024

However, this important aspect of finance faces two major challenges; high fees and longer wait times. According to the crypto exchange, fees can hit up to $6 for $100 transactions. This is due to intermediaries in traditional finance raking up fees for payments. On the other hand, blockchain technology doesn’t require traditional finance structures to make cross-border payments thereby driving down costs.

Crypto Users Anticipate Positive Laws

Digital asset enthusiasts increase calls for crypto-friendly legislation as adoption grows. Utilities such as faster cross-border payments are often highlighted by stakeholders. While some centralized payments might be settled over a day, blockchain models are a lot faster. This year, several jurisdictions have begun implementing a form of blockchain-based cross-border payments.

In the United States, recent wins for crypto in Congress have sparked optimism on the future of crypto regulations which can lead to clear-cut rules.  Firms like Coinbase have restated efforts towards clear market regulations.

Also Read: Why Is Bitcoin Price Falling Below $65K Again?