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VeChain CEO Sunny Lu has expressed optimism for the future of the cryptocurrency industry going into the new year and also highlighted the possibility of VET token integrations.
The cryptocurrency industry has already kicked off the new year on a high with the approval of spot Bitcoin ETFs in the United States. The landmark achievement and incoming regulatory clarity are two of the many reasons why VeChain CEO Sunny Lu is optimistic about the industry’s future going into the new year.
Sunny Lu shared his thoughts in a recent Thinking Crypto interview and revealed how the changing regulatory landscape for cryptocurrencies could lead to further institutional adoption. When queried about what topics were top of his mind going into 2024, Sunny Lu identified the recent passage of spot Bitcoin ETFs and the incoming enforcement of MiCA in the European Union.
Recall that on January 10, the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, bringing an end to more than a decade’s wait for such products to go live. On the other hand, the EU will in December, finally adopt Markets in Crypto-Assets (MICA), a set of broad regulations that will apply to cryptocurrencies and businesses operating in the space.
The increased acceptance of crypto by mainstream financial institutions and clearer regulations means there are exciting times ahead for the industry, according to Sunny Lu. The VeChain CEO said that the passage of the ETFs and MiCA “will open the door for the world’s institutional investors to enter the crypto space. [It will also kind of] pave the way for the mass adoption of blockchain and crypto in the real world.”
2024 will be a Big year for #VeChain and #Crypto! Sunny Lu, CEO of VeChain shares his thoughts.
Watch the full interview https://t.co/UZv4dP9hsS#vethor #vet #cryptocurrency #altcoins #bitcoin #bitcoinetf #thinkingcrypto @ThinkCryptoPod @vechainofficial @sunshinelu24 pic.twitter.com/S78CxHy1Zx
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) January 15, 2024
VeChain to Overcome Major Challenge with Token Integrations
Speaking further on how the new regulatory landscape would impact VeChain, the CEO explained a potential positive impact on token integrations. He noted how VeChain has focused on “building up 100s of different enterprise applications in the past.”
However, the exchange has met a strong challenge in connection with integration tokens within these applications. Sunny Lu expects that “major challenge” to change soon, telling listeners that the progress with the ETFs and MiCA paves the way for “having the token in the design for the enterprise applications.”
Although it is unknown at this point which applications VeChain plans to integrate tokens, it is public knowledge that the project boasts some high-profile partnerships. For instance, Walmart, PriceWaterhouseCooper, Haier, and Shanghai Gas feature prominently on the list of VeChain partnerships.
Admittedly, Sunny Lu’s latest comments would come as a boost for VeChain (VET) and VeChain Thor (VTHO) holders anticipating a big year for the ecosystem assets. VET is trading at $0.0305 at the time of writing, representing an 89% decline from its all-time high of $0.278 reached in 2021.
Similarly, gas token VTHO is at $0.002305, representing a 94% decline from its all-time high. To their credit, CoinMarketCap data shows that both assets have gained 44% and 101%, respectively, on the year-on-year (YoY) chart, signaling investor confidence in their future outlook.