Coinbase Chief Legal Officer Paul Grewal has urged lawmakers to support crypto remittances, emphasizing their importance for cross-border payments. Crypto adoption is rising, with many using it for faster and cost-effective remittance services.
Grewal highlighted that traditional remittance fees can reach $6 per $100 and take days to process, whereas blockchain technology reduces costs by eliminating intermediaries. He pointed out that one in eight Americans sent money abroad last year, stressing the need for affordable solutions.
The crypto community is advocating for clearer regulations to support faster cross-border payments. Recent legislative wins in the U.S. have sparked optimism for future crypto regulations.
By addressing these issues, crypto remittances can become a mainstream solution, offering significant benefits for unbanked populations and reducing financial burdens for families globally.
