NCUA Vice Chairman: Crypto Concerns Overblown, New Tech Always Has Drawbacks
CryptoNewsTerminal Staff11 Sep, 2024
NCUA Vice Chairman: Crypto Concerns Overblown, New Tech Always Has Drawbacks
As cryptocurrencies and AI continue to evolve, concerns about their potential for exploitation have also grown. However, according to Kyle Hauptman, Vice Chairman of the National Credit Union Administration (NCUA), these concerns may be overblown. "All new technologies have drawbacks," Hauptman said. "There were no car accidents before the invention of cars." While criminals do sometimes use cryptocurrencies for illicit activities, Hauptman points out that cash is still more commonly used for these purposes. He also believes that stablecoins have the potential to transform the U.S. payment system.
