Blockchain Technology Will Completely Revolutionize Wall Street

Jan van Eck – Chief Executive Officer of the global investment manager VanEck – believes the cryptocurrency industry will continue its progress, while blockchain technology “will completely revolutionize Wall Street.” However, this will not happen so quickly as it requires constant collaboration with regulators, he added.

‘I’m Wowed by All the Technology’

In a recent interview, VanEck’s executive predicted that blockchain technology could “completely” reshape the operations of the leading financial institutions.

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 “phenomenon:”

“It looks like blockchain technology will completely revolutionize Wall Street. The only reason it’s taking so long would be the regulators. The whole NFT phenomenon, I mean, I’m wowed by all the technology. That’s positive.”

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:

“Germany is crypto-friendly. Switzerland. The continent, amazingly, is very crypto-friendly. The UK. It’s, you know, it’s kind of black or white. It’s very negative.”

Despite the Bank of England’s bashing comments throughout the years, Britain’s Finance Minister – Rishi Sunak – recently expressed positivism toward the crypto industry. Specifically, he wants his country to become a “global hub” for digital assets. Sunak also asked the Royal Mint to create a non-fungible token.

VanEck and Regulators

Last year, the investment giant was expected to receive approval to launch a spot bitcoin exchange-traded fund (ETF). However, the SEC halted VanEck’s ambitions citing investor protection. The agency argued that the investment manager could not cope with previous issues, which were “designated to prevent fraudulent and manipulative acts and practices.”

In his recent interview, Jan van Eck revealed his disappointment with the SEC’s 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:

“The regulators have made their mind up. They don’t want to know until jurisdiction is clarified. Nothing happened last year – zero – 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.”