October 23, 2018

Wall Street Readying For Cryptocurrencies

Wall Street Readying For Cryptocurrencies

Cryptocurrencies are being integrated into financial institutions throughout the world. Many countries are attempting to think of ways to incorporate cryptocurrencies as an alternative method of payment within the delivery of public services or as a way to go cashless within the private sector. Still there are many questions around cryptocurrencies when it comes to stock exchanges and if cryptocurrency tokens should be made available upon traditional stock market exchange platforms. The prospect certainly seems very promising after the U.S. Securities and Exchange Commission or SEC ruled that cryptocurrency tokens are not securities in the earlier months of the year, however this still hasn’t managed to change the status quo.

The Wolves In Wall Street

Yet many are eager to hear when Wall Street will take the plunge and allow cryptocurrency tokens to be given a chance by one of the most iconic stages in all of the financial world. However, the CEO of Gemini, a leading crypto exchange has stated that there will still be an adjustment period of many months possibly longer, before Wall Street accepts cryptocurrencies.

A Look Into Winklevoss

Moreover the Winklevoss brothers have now, it seems, in spite of their most recent brutal rejection by the U.S. SEC, are still ever so determined to have a Bitcoin ETF on a U.S. exchange soon. Currently, Gemini is not having the best of years, in fact it may be the worst time for their company to date. Gemini has been suffering a constant stream of users turning away from their exchange over the past few months and have experienced noticeable losses in traded volumes on their exchange.

Things are not looking so promising for Gemini, much to the surprise of many. This is the second time that the Winklevoss brothers have attempted to obtain approval from the SEC for their Bitcoin ETF. Many other entrepreneurs would not have been able to take this piece of rejection a second time around, but the brothers are optimistic and state that they will continue to work towards the achievement of their goals. Adding that their goals will happen regardless of whether or not they have the support of state functions.

The CEO of Gemini went on to add that many arms of the government as well as private firms are slowly warming up to the idea of cryptocurrencies. All the while adding that while the idea may be taking fold within the minds of these organizations, yet he went on to add that a lot must still be done to achieve true willingness to work with cryptocurrencies in these firms.

The CEO, Tyler Winklevoss, finally shared how much of Wall Street is looking into cryptocurrencies, yet none are attempting to do business with crypto start-ups or exchanges. For the moment the image that is emerging is that the retail and service delivery sector will pave the way towards other industries and firms joining into the cryptocurrency initiative.

The Great Hurdle

At present the main stumbling block that seems to be standing in the way of not only the Wall Street giants, but also the U.S. SEC and other institutions is that legislation over cryptocurrencies is slow to be produced but is desperately wanted.

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