Jan van Eck \u2013 Chief Executive Officer of the global investment manager VanEck \u2013 believes the cryptocurrency industry will continue its progress, while blockchain technology \u201cwill completely revolutionize Wall Street.\u201d However, this will not happen so quickly as it requires constant collaboration with regulators, he added.<\/p>\n
\u2018I\u2019m Wowed by All the Technology\u2019<\/h2>\n
In a recent interview<\/a>, VanEck\u2019s executive predicted that blockchain technology could \u201ccompletely\u201d reshape the operations of the leading financial institutions.<\/p>\n Jan van Eck noted that this transformation might take some time as watchdogs need to greenlight every step in the space. He touched upon the non-fungible token universe, too, calling it a \u201cphenomenon:\u201d<\/p>\n \u201cIt looks like blockchain technology will completely revolutionize Wall Street. The only reason it\u2019s taking so long would be the regulators. The whole NFT phenomenon, I mean, I\u2019m wowed by all the technology. That\u2019s positive.\u201d<\/p>\n<\/blockquote>\n The CEO raised hopes that the predominantly crypto-friendly stance displayed by some European nations will give the industry another boost. The only exception, according to him, is the United Kingdom, where the authorities are not in favor of digital assets:<\/p>\n \u201cGermany is crypto-friendly. Switzerland. The continent, amazingly, is very crypto-friendly. The UK. It\u2019s, you know, it\u2019s kind of black or white. It\u2019s very negative.\u201d<\/p>\n<\/blockquote>\n Despite the Bank of England\u2019s bashing comments throughout the years, Britain\u2019s Finance Minister \u2013 Rishi Sunak \u2013 recently expressed<\/a> positivism toward the crypto industry. Specifically, he wants his country to become a \u201cglobal hub\u201d for digital assets. Sunak also asked the Royal Mint to create a non-fungible token.<\/p>\n Last year, the investment giant was expected to receive approval to launch a spot bitcoin exchange-traded fund (ETF). However, the SEC halted<\/a> VanEck\u2019s ambitions citing investor protection. The agency argued that the investment manager could not cope with previous issues, which were \u201cdesignated to prevent fraudulent and manipulative acts and practices.\u201d<\/p>\n In his recent interview, Jan van Eck revealed his disappointment with the SEC\u2019s rejection. He believes there has been no collaboration between the financial watchdog and his company. The executive does not think this will change in the foreseeable future:<\/p>\n \u201cThe regulators have made their mind up. They don\u2019t want to know until jurisdiction is clarified. Nothing happened last year \u2013 zero \u2013 aside from enforcement action. And nothing is going to happen this year. And I bet nothing happens next year. I mean, at this pace, nothing is gathering velocity.\u201d<\/p>\n<\/blockquote>\n PrimeXBT Special Offer: Use this link<\/a> to register & enter POTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n <\/p><\/div>\n\n
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VanEck and Regulators<\/h2>\n
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