The Electronic Transactions Association (ETA), a group representing the electronic payments industry, signalled that cooperation between bitcoin companies and traditional payment firms could expand. It said it was not backing bitcoin as a specific technology, but would actively pursue cooperation with innovative payment technologies.

On July 19, blockchain outlet Cointelegraph reported that ETA Chief Executive Jason Oxman (제이슨 옥스먼) said cooperation between traditional payment companies and bitcoin startups could increase further as members gradually recognise bitcoin’s potential.

BitPay, a bitcoin payments services company, joining the ETA is cited as the starting point for the shift. The ETA accepted BitPay in August as its first virtual asset company member. Global payments companies including Visa, Mastercard, Amazon and PayPal participate in the ETA.

At the time, the ETA said it would actively embrace new technologies and expected such cooperation to expand as the payments industry moves into the future.

Oxman drew a line, saying the ETA is not an organisation that represents bitcoin. He stressed the ETA does not have an official position that prioritises one technology over another, and that its role is to support innovation across the electronic transactions industry.

He described cooperation with BitPay as a symbolic example showing the ETA does not turn away from new technology. He said he hopes the ETA will be an open organisation that works with new-technology companies including bitcoin firms, but added that whether partnerships expand ultimately depends on market demand.

He also spoke positively about the role of the Bitcoin Foundation. Oxman said the foundation played an important role in helping the ETA understand bitcoin’s strengths and potential. He said a presentation at a 2013 ETA event by Patrick Murck (패트릭 머크), then legal counsel to the Bitcoin Foundation, helped confirm the possibility of strategic cooperation between bitcoin startups and existing electronic payments companies.

He took a cautious stance on regulatory issues. Oxman said that when new payment methods such as PayPal emerged in the past, the ETA worked to create a policy environment so innovation would not be stifled, in relation to New York state’s BitLicense system.

He said he understands the government prioritises consumer protection, but regulation should not excessively restrict the development of new technologies. He said the New York State Department of Financial Services (NYDFS) also needs to broaden its understanding of the bitcoin industry, and stressed that sufficient review of the technology and the market should come before designing the system.

Regulatory discussions are continuing. NYDFS Superintendent Benjamin Lawsky (벤저민 로스키) decided to extend the public comment period on the BitLicense draft by 45 days to Oct. 21. The decision came after BTC China, Huobi and OKCoin jointly submitted an opinion letter on the regulatory proposal.

In the industry, some see the ETA’s remarks as a sign that the traditional payments industry is starting to view bitcoin not as a merely experimental technology but as a payment innovation technology it can work with. However, since the ETA focuses on supporting innovation across the electronic transactions industry rather than backing a specific technology, the outlook is that whether cooperation expands will be decided by market demand and changes in the regulatory environment.