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April 8, 2022

Twitter: Jerry Brito on America COMPETES Act the top tweet in Q1 2022

Electronic Payments International lists five of the most popular tweets on payments tech in Q1 2022 based on data from GlobalData’s Banking and Payments Influencer Platform.

The top tweets are based on total engagements (likes and retweets) received on tweets from more than 150 payments tech experts tracked by GlobalData’s Banking and Payments Influencer platform during the first quarter (Q1) of 2022.

The most popular tweets on payments tech in Q1 2022: Top five

1. Jerry Brito’s tweet on new provision in the America COMPETES Act

Jerry Brito, executive director of Coin Center, a cryptocurrency related think tank, shared an article on a new provision in the America COMPETES Act that will allow the Treasury to ban any financial transactions including those related to crypto without any input or public information. The provision highlights the power at the hands of the department, which can be used to enforce special measures such as directing financial institutions to engage in the scrutiny and recordkeeping of their customer’s transactions or banning their customer transactions altogether.

The US Secretary of the Treasury can carry out the measures under some grounds that may be deemed as associated with money laundering concerns. The amendment to the COMPETES Act is an authoritarian approach to dealing with the problem of money laundering, the article noted.

Username: Jerry Brito

Twitter handle: @jerrybrito

Likes: 2,709

Retweets: 1,548

2. Laura Shin’s tweet on Ethereum transactions exceeding Visa

Laura Shin, a crypto journalist, shared an article on how Ethereum transactions increased in 2021. The article detailed the major developments related to Ethereum in 2021 including the launch of L2 protocols on the mainnet blockchain network, while the creator community used Ethereum to earn billions, along with core protocols upgrades to transition to Proof of Stake. In addition, decentralised autonomous organisations (DAOs) became a means for people to self-govern and accumulate more assets.

Ethereum was the world’s most popular blockchain for the second year in a row, the article noted. The value paid to use Ethereum applications exceeded the value paid to use all other L1 blockchains together in 2021. Furthermore, the demand for Ethereum’s blockspace continued to surpass all other blockchains. Ethereum settled the highest flow of assets around the world and had a total transaction value of $11.6tn in 2021, which is more than double the assets moved by Bitcoin and also surpassed the total assets moved by Visa.

Username: Laura Shin

Twitter handle: @laurashin

Likes: 1,253

Retweets: 317

3. Brian Armstrong’s tweet on Coinbase allowing US customers to deposit paychecks into Coinbase

Brian Armstrong, CEO of cryptocurrency trading platform Coinbase, shared an article on the company allowing US customers to deposit their paychecks into Coinbase, making it easier to carry out crypto trades, spend on the Coinbase Card, and earn crypto rewards. The new feature is being introduced after customers stated that transfers to Coinbase to make investments, fund everyday purchases or earn interest on assets was time-consuming and inconvenient.

The new feature enables customers to earn more interest on their income and crypto rewards, and they do not have to pay any transaction fee to directly deposit their funds, the article detailed. Coinbase has also collaborated with companies such as Fortress Investment Group, M31 Capital, SuperRare Labs, and Nansen, to enable their employees to access the feature.

Username: Brian Armstrong

Twitter handle: @brian_armstrong

Likes: 885

Retweets: 133

4. Chris Gledhill’s tweet on Visa and Mastercard losing to Web3-based payment projects in 2022

Chris Gledhill, a fintech advisor, shared an article on the billionaire investor Chamath Palihapitya predicting that the two biggest payment processors, Visa and Mastercard, will be overthrown by blockchain and decentralised finance (DeFi) projects in 2022. Palihapitya further believes that Web3 crypto projects will gain traction this year, while a few crypto projects might fail, the article noted.

Palihapitya, who also runs the venture capital fund Social Capital One, based his opinion on Amazon’s decision to ban Visa credit cards in the UK due to high transaction fees. He further predicted that the developing world will be the first movers for the adoption of this emergent technology. A focus on markets such as Nigeria, therefore, will be more profitable than western European countries, he stated.

Username: Chris Gledhill

Twitter handle: @cgledhill

Likes: 433

Retweets: 122

5. Balaji S. Srinivasan’s tweet on western US states accepting tax payments in digital currencies

Balaji S. Srinivasan, an angel investor and former CTO of crypto exchange platform Coinbase, shared an article on Wyoming and Arizona lawmakers introducing new proposals allowing the states to receive tax payments in digital currencies. Srinivasan tweeted that one of the most important things one could do for freedom in any country is to pass a legislation that allowed the Bitcoin to be treated like any other foreign currency, similar to El Salvador, which made Bitcoin legal tender in September 2021.

The article detailed that the new proposals could undermine the unique status of the dollar over digital currencies. Under Arizona’s proposal, the Bitcoin will be recognised as a legal tender although Wyoming’s proposal is not limited to the use of one cryptocurrency, and will apply only for taxes and sales, the article noted. The proposals by both the states currently face political and legal challenges. Wyoming, however, has been most effective in passing laws to accommodate crypto adoption among other states, and believes it will be the first to step into the tax space, the article highlighted.

Username: Balaji Srinivasan

Twitter handle: @balajis

Likes: 187

Retweets: 32

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