Cryptocurrency Tips!
Crypto Helps Me Do What Banks Couldn’t!
By: Carlos Iván Merino
Families across New Jersey send money abroad to help cover essentials like food, rent, and medical bills. But the system we rely on hasn’t kept up. Transfers take too long, and the high fees cut into what gets delivered. After running into the same problems again and again, I turned to digital tools and cryptocurrencies that work better for my family.
From my cellphone, I use the Coinbase app to convert U.S. dollars into USD Coin, a stablecoin tied to the dollar’s value, and send it directly to my relatives in Colombia. They receive it in their crypto wallet and convert it into pesos on their end when they need to. It’s quick, low-cost, and transparent. My family knows exactly what’s being sent and when it’s available.
In 2024, the United States transferred almost $136 billion to relatives in Latin America and the Caribbean. When the money moves through a bank, fees can reach as high as 11 percent. At that rate, nearly $15 billion disappears in charges. Cutting those costs is essential for millions of households. Even small changes in how those funds move can make a major difference in budgets on both sides of the border.
That’s why blockchain technology and digital assets deserve serious attention from our elected officials. Here in New Jersey, we’ve started to see what’s possible. Local startups are building new tools, universities are offering courses and pilot programs, and local officials are beginning to look at how digital assets can improve service delivery and expand financial access. But progress in this space won’t last without clear, supportive rules at the federal level. Congress is now considering two important proposals—the GENIUS Act and the CLARITY Act—that would help define how digital assets are treated and create a path forward for businesses and consumers alike.
Regulators often debate crypto in terms of risk to investors or financial markets. But that leaves out the people using it to build a business or manage their expenses. Any federal framework that ignores that reality will cut off options that already work better than the alternatives.
The entire New Jersey congressional delegation should support both the GENIUS Act and the CLARITY Act. These proposals would establish clear rules that give blockchain companies the certainty they need while preserving access to services that are already helping families. I use crypto to support relatives abroad because it works better than the alternatives I tried. Congress should make sure people are able to keep using the tools that meet their needs.
Carlos Iván Merino is the executive director of the New Jersey Innovation & Technology Alliance, a coalition focused on advancing responsible policy for blockchain, digital assets, and emerging technologies through innovation, entrepreneurship, and education.
