stablecoin legislation<\/a> working its way through the Senate, but he also says he\u2019s worried US banking regulators will try to kill the bill or \u201csay you have to be a bank to issue a stablecoin.\u201d<\/p>\nSenator Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in February. The legislation, which aims to establish regulatory clarity for stablecoins, passed out of the Senate Banking Committee earlier this month.<\/p>\n
Van Eck also thinks there\u2019s a \u201cbig opportunity\u201d with tokenization.<\/p>\n
\u201cIf Hester Peirce and the SEC do what they say they\u2019re going to do\u2026 I don\u2019t think we can imagine how much change there\u2019s going to be in terms of tokenization of assets\u2026<\/em><\/p>\nA lot of what\u2019s been allowed in Europe regarding tokenization \u2013 they still say, \u2018Well you have to be tethered to the traditional financial system because of the clearance mechanisms and things like that.\u2019 <\/em><\/p>\nBut if you actually trust the blockchain to take care of the ownership of an asset, of a tokenized fund or whatever, that\u2019s revolutionary. That will allow a lot of innovation to happen.\u201d<\/em><\/p>\n