Part 8/14:
Dorsey envisions a future where traditional giants—Visa, Mastercard, Western Union—must actively compete in this open standard. He references conversations with top financial figures who recognize the inevitable disruption. Their insights have reinforced his conviction: firms like Visa are limited by their existing infrastructure and regulatory moat, whereas Lightning offers a route to leapfrog these barriers.
He specifically warns entities like Jamie Dimon of JPMorgan Chase that their strategy to defend existing dominance through Washington DC’s influence will be futile. Instead, true competition will come from those who prioritize consumer experience and open interoperability.