{"id":129350,"date":"2025-05-15T23:20:13","date_gmt":"2025-05-15T23:20:13","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129350"},"modified":"2025-05-15T23:20:13","modified_gmt":"2025-05-15T23:20:13","slug":"legacy-forex-payments-platforms-hate-stablecoin-adoption-kevin-oleary","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129350","title":{"rendered":"Legacy forex, payments platforms \u2018hate\u2019 stablecoin adoption \u2014 Kevin O\u2019Leary"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsGlobal foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O\u2019Leary said during a keynote address at Consensus 2025.<br \/>\nLegacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O\u2019Leary said at the Toronto conference.\u00a0<br \/>\n\u201cCurrency trading is a multi-trillion dollar market \u2014 and it\u2019s old and ugly and inefficient,\u201d O\u2019Leary said, adding that \u201c[ t]he biggest threat to that monopoly or oligopoly is a regulated stablecoin.\u201d\u00a0<br \/>\n\u201cOnce that\u2019s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,\u201d he said.\u00a0<br \/>\nKevin O\u2019Leary speaking at Consensus. Source: CointelegraphStablecoin legislation<br \/>\nUS lawmakers are working on legislation that stands to accelerate global stablecoin adoption, O\u2019Leary added.\u00a0<br \/>\nUS Senators are aiming to pass the so-called Genius Act \u2014 a framework for regulating stablecoins \u2014 before the end of May. \u201cAs soon as the SEC approves the stablecoin act, every regulator in the US\u2019s circle \u2014 Abu Dhabi, Switzerland, England \u2014 will follow,\u201d O\u2019Leary said.<br \/>\n\u201cWho\u2019s worried about this? The financial services industry. They hate this idea, and they\u2019re working very hard to stop that bill from happening right now,\u201d he added.<br \/>\nO\u2019Leary said regulatory clarity for stablecoins may be a precursor to broader cryptocurrency reform that could potentially unlock trillions of dollars in institutional capital.<br \/>\n\u201cWhen this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics,\u201d US Senator Kirsten Gillibrand said during an event hosted by Coinbase&#8217;s lobbying arm, Stand with Crypto.<br \/>\nAs of May 15, stablecoins are collectively worth nearly $250 billion in market capitalization, according to data from CoinGecko. Tether\u2019s US-dollar pegged stablecoin USDT is the leader, with a market cap of around $150 million, the data showed.\u00a0It\u2019s followed by Circle\u2019s USDC, another US-dollar pegged stablecoin with a market cap of more than $60 billion.<br \/>\nMagazine:\u00a0Bitcoin to $1M \u2018by 2029,\u2019 CIA tips its hat to Bitcoin: Hodler\u2019s Digest, April 27 \u2013 May 3<a href=\"https:\/\/cointelegraph.com\/news\/legacy-forex-payments-platforms-hate-stablecoin-adoption-kevin-o-leary?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsGlobal foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O\u2019Leary said during a keynote address at&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129350"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129350"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129350\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129350"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}