Blab Crypto
Electronic Transactions Association Welcomes BitPay, Signals Growing Bitcoin Partnerships
In a move that signals a shift toward Bitcoin, the Electronic Transactions Association—home to giants such as Visa, MasterCard, Amazon, and PayPal—announced on August 6 that BitPay, the U.S. cryptocurrency‑payment processor, would become its first virtual‑currency member.
The announcement follows a broader trend of traditional payment providers exploring ties with Bitcoin‑based firms. In its press release, the ETA welcomed BitPay and reiterated its pledge to "embrace new technologies," adding that it expects "more such partnerships as the payments industry innovates for the future." The statement was issued after the association’s membership roster was expanded to include the Atlanta‑based company.
When asked by CoinDesk, ETA CEO Jason Oxman emphasized that the organization does not favor any single digital‑currency technology. He said the ETA’s support extends equally to all forms of electronic transactions and that the partnership with BitPay demonstrates a willingness to work with emerging tech startups, including those focused on Bitcoin. Oxman noted that the decision to partner depends largely on customer and merchant demand, underscoring the industry’s role in facilitating electronic transactions in whatever form the market chooses.
Oxman also highlighted the Bitcoin Foundation’s role in educating ETA members about Bitcoin’s benefits. He recalled a 2013 ETA event where the Foundation’s general counsel Patrick Murck presented a business‑focused overview of Bitcoin. The presentation, Oxman said, helped members view Bitcoin as an interesting development, and at least one member subsequently struck a deal with a Bitcoin processor.
The conversation then turned to New York’s proposed BitLicense framework, a regulatory regime that would require virtual‑currency businesses operating in the state to obtain a license from the New York Department of Financial Services (NYDFS). Oxman said the ETA has historically worked to ensure that government rules do not stifle innovation. He acknowledged regulators’ concerns about consumer protection in new payment systems and urged the NYDFS to conduct thorough research on how Bitcoin operates before imposing blanket rules.
In related news, NYDFS superintendent Benjamin Lawsky extended the public‑comment period on the BitLicense proposal by 45 days, moving the deadline to October 21. The extension follows a joint letter from BTC China, Huobi and OkCoin—often referred to as the "Big Three" of Chinese cryptocurrency exchanges—addressing the regulator’s concerns. The letter, posted on social media, expressed the exchanges’ views on the proposal and requested additional clarity.
The ETA’s acceptance of BitPay and its statements on Bitcoin suggest a gradual shift toward greater collaboration between legacy payment firms and cryptocurrency providers. While the association maintains neutrality on specific technologies, its membership expansion signals that traditional payment players are open to integrating Bitcoin‑based solutions.
At present, the BitLicense proposal remains under public review, and the NYDFS has not finalized any new rules. The ETA continues to monitor regulatory developments and encourages its members to engage with policymakers. The outcome of the extended comment period and the NYDFS’s final stance on the BitLicense framework will shape the pace of future partnerships between payment‑technology companies and Bitcoin startups.
The announcement follows a broader trend of traditional payment providers exploring ties with Bitcoin‑based firms. In its press release, the ETA welcomed BitPay and reiterated its pledge to "embrace new technologies," adding that it expects "more such partnerships as the payments industry innovates for the future." The statement was issued after the association’s membership roster was expanded to include the Atlanta‑based company.
When asked by CoinDesk, ETA CEO Jason Oxman emphasized that the organization does not favor any single digital‑currency technology. He said the ETA’s support extends equally to all forms of electronic transactions and that the partnership with BitPay demonstrates a willingness to work with emerging tech startups, including those focused on Bitcoin. Oxman noted that the decision to partner depends largely on customer and merchant demand, underscoring the industry’s role in facilitating electronic transactions in whatever form the market chooses.
Oxman also highlighted the Bitcoin Foundation’s role in educating ETA members about Bitcoin’s benefits. He recalled a 2013 ETA event where the Foundation’s general counsel Patrick Murck presented a business‑focused overview of Bitcoin. The presentation, Oxman said, helped members view Bitcoin as an interesting development, and at least one member subsequently struck a deal with a Bitcoin processor.
The conversation then turned to New York’s proposed BitLicense framework, a regulatory regime that would require virtual‑currency businesses operating in the state to obtain a license from the New York Department of Financial Services (NYDFS). Oxman said the ETA has historically worked to ensure that government rules do not stifle innovation. He acknowledged regulators’ concerns about consumer protection in new payment systems and urged the NYDFS to conduct thorough research on how Bitcoin operates before imposing blanket rules.
In related news, NYDFS superintendent Benjamin Lawsky extended the public‑comment period on the BitLicense proposal by 45 days, moving the deadline to October 21. The extension follows a joint letter from BTC China, Huobi and OkCoin—often referred to as the "Big Three" of Chinese cryptocurrency exchanges—addressing the regulator’s concerns. The letter, posted on social media, expressed the exchanges’ views on the proposal and requested additional clarity.
The ETA’s acceptance of BitPay and its statements on Bitcoin suggest a gradual shift toward greater collaboration between legacy payment firms and cryptocurrency providers. While the association maintains neutrality on specific technologies, its membership expansion signals that traditional payment players are open to integrating Bitcoin‑based solutions.
At present, the BitLicense proposal remains under public review, and the NYDFS has not finalized any new rules. The ETA continues to monitor regulatory developments and encourages its members to engage with policymakers. The outcome of the extended comment period and the NYDFS’s final stance on the BitLicense framework will shape the pace of future partnerships between payment‑technology companies and Bitcoin startups.
