Coinbase CLO Tasks Lawmakers on Crypto Remittances

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Coinbase CLO Tasks Lawmakers on Crypto Remittances



Coinbase Chief Legal Officer Paul Grewal called on lawmakers for more support for cryptocurrency remittances. This year, crypto adoption continues to rise as more participants embrace crypto’s cross-border functionality. As crypto slowly becomes a mainstream topic, users are pushing for broader industry regulations to be adopted in the United States.

Coinbase Executive Wire Transfer Lawyers


Paul Grewal wrote a post on X (formerly Twitter) highlighting the importance of global remittances, adding that sending payments across borders shouldn’t be this costly.

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

The importance of cryptocurrency remittances has been highlighted by many within the community as it offers faster solutions with blockchain technology that can appeal to people without bank accounts. According to Coinbase, one in eight Americans sends money abroad to help their families.

Last year, 1 in 8 Americans sent money abroad.
From where? To help their families with their daily living expenses.


But there are two problems:

✓ Fees are too high ($6 for every $100)
✓ Wait times are very 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; higher fees and longer waiting times. According to the crypto exchange, fees can go up to $6 for $100 transactions. This is because intermediaries in traditional finance charge fees for payments. On the other hand, blockchain technology It does not require traditional financial structures to make cross-border payments, thus reducing costs.

Crypto Users Expect Favorable Laws


Digital asset enthusiasts are increasing calls for crypto-friendly legislation as adoption increases. Utilities like Faster cross border payments are often highlighted by stakeholders. Although some centralized payments can be completed in a day, blockchain models are much faster. This year, many jurisdictions have begun implementing some form of blockchain-based cross-border payments.


Latest gains for crypto in the United States Congress It sparked optimism about the future of crypto regulations that could lead to clear rules. Companies like Coinbase have renewed their efforts towards clear market regulation.

So read: Why Is Bitcoin Price Falling Below $65 Thousand Again?





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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.





The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.

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