“When we think about the promise of crypto, it actually should appeal to both sides of the table regardless of where you sit on the political spectrum,” she said. Though it was ultimately stripped from the bill, Choi believes blockchain and crypto will find success in Washington. She said a more comprehensive and seamless approach to that regulation would allow for more solutions and innovations.Ĭhoi also said Coinbase thinks “crypto is gaining steam in D.C.” Fintech companies were given a role in making PPP loans as part of the CARES Act, and cryptocurrency was floated as an option for getting stimulus payments to unbanked and underbanked individuals. She did note, though, that more regulatory clarity for non-bank financial companies is a goal of Coinbase’s, as it is currently regulated, much like SoFi was, by a patchwork of agencies. There have also been reports that Coinbase looked into its own banking license in years past, but Choi said there was nothing to announce in that realm for now. Here’s what the panelists see on the horizon.įirst, so-called “challenger banks” are on the rise, and SoFi just got approval for a national bank charter, which will allow the fintech company to expand its offerings and reduce costs substantially, while lowering its regulatory burden. “That’s something that is only accelerated and accelerated in pretty dramatic ways over the course of this year as consumer behavior has changed so dramatically in the face of the pandemic.”Īs these electronic payments and the services associated with them proliferate, particularly due to the pandemic and the incoming presidential administration, the financial world is changing rapidly. “We’ve seen a very long running trend of migration of payments behaviors from consumers from paper based forms of payments to electronic, and cards have certainly been an important manifestation of that,” Vosburg said. Goldman, SoFi, Coinbase, and Mastercard all work with partners to offer credit and debit cards, which play an important role in all four companies’ consumer finance strategies, even as they look to digital payments (sans plastic) to build out the future financial ecosystem.
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