Electronic Transactions Association CEO sees Bitcoin deals
Electronic Transactions Association CEO Jason Oxman says traditional payment firms may increasingly recognize Bitcoin’s disruptive potential, paving the way for more partnerships with Bitcoin startups. The ETA, which represents Visa, Mastercard, Amazon and PayPal, has already welcomed BitPay as its first virtual currency member.
Key Takeaways
- Jason Oxman says ETA members may recognize Bitcoin’s disruptive potential and pursue more partnerships with startups.
- BitPay became the first virtual currency firm to join the ETA, which also represents Visa, Mastercard, Amazon and PayPal.
- Oxman stressed the ETA does not advocate for Bitcoin alone and backs all forms of electronic transactions equally.
- He urged New York regulators to study how Bitcoin and the blockchain work before applying BitLicense-style rules.
What did the Electronic Transactions Association CEO say about Bitcoin?
In comments reported by Cointelegraph, Electronic Transactions Association CEO Jason Oxman indicated that members of his trade group might begin recognizing Bitcoin’s disruptive potential. That shift, he suggested, could mean more deals between established electronic payment providers and Bitcoin startups.
Oxman framed the ETA as open to emerging technology, including Bitcoin-related companies, while stressing that demand from customers and merchants drives which payment forms the industry supports. “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,” he said.
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Why does BitPay’s ETA membership matter for traditional payments?
On August 6, the ETA welcomed Atlanta-based Bitcoin payment solutions provider BitPay as the first virtual currency company to become a member, according to a press release cited in the report. The association, whose members include Visa, Mastercard, Amazon and PayPal, said the move reflected a commitment to new technologies and signaled that “more such partnerships as the payments industry innovates for the future” should be expected.
Oxman pointed to that relationship as proof the ETA “will not turn a blind eye to innovation.” He also said the group has not taken an official position favoring Bitcoin over other technologies, and that his support extends equally to all forms of electronic transactions.
Education helped open the door. Oxman credited the Bitcoin Foundation with explaining Bitcoin’s benefits to the ETA, citing a 2013 event where Bitcoin Foundation general counsel Patrick Murck spoke. “[Murck] did a good job of putting a business-focused backing to bitcoin,” Oxman said, noting that at least one ETA member had since struck a deal with a bitcoin processor.
How is the ETA viewing Bitcoin regulation and BitLicense?
Oxman also addressed New York’s BitLicense proposal, comparing the moment to earlier fights to keep government from constraining innovations such as PayPal. He said he understands regulators’ focus on consumer protection when new payment systems are still nascent, but warned against “reflexive rules just because something is new.”
Instead, he argued the New York Department of Financial Services should take an in-depth look at how Bitcoin systems operate, how the blockchain works, and how bitcoin processors protect consumers and merchants. The report noted that New York DFS superintendent Benjamin Lawsky extended the BitLicense public comment period by 45 days, pushing the deadline to October 21, after a joint letter from BTC China, Huobi and OkCoin raised concerns about the proposal.
Together, Oxman’s comments cast the Electronic Transactions Association CEO as a bridge figure: not a Bitcoin partisan, but a payments-industry leader signaling that partnerships with crypto startups are becoming part of how electronic commerce evolves.