Blockchain will change Wall Street

Blockchain technology is revolutionising several industries, and the financial sector is the major benefactor.

Jan van Eck, the Chief Executive Officer of the global investment manager VanEck, has revealed in a recent interview that he is in awe of blockchain technology. According to the VanEck CEO, blockchain technology will revolutionise Wall Street. He made this known while speaking at the Bitcoin 2022 Miami conference. He said;

“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.”

However, Van Eck pointed out that the change could take time as financial regulators need to approve every step taken in the space.

He added that the crypto-friendly stance taken by several European countries would serve as a boost for the broader cryptocurrency industry. The United Kingdom remains the only country within the region with a tough crypto stance. Van Eck added that;

“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.”

VanEck is one of the numerous financial institutions to see its Bitcoin exchange-traded fund (ETF) application rejected by the United States Securities and Exchange Commission SEC) in recent years.

The CEO said he had been disappointed with the SEC as there has been no communication between the agency and his company during the decision-making process. He said;

“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.”

The cryptocurrency and blockchain industry continues to gain rapid adoption in various areas of the global economy. Despite the negative outlook in some countries, crypto adoption continues to grow.