Jan van Eck, CEO of investment management firm VanEck, recently described Ethereum as “the Wall Street token” while talking about its surge this quarter.

In an interview with Fox News Business this week, van Eck said that with the rise of stablecoins, every bank and financial services company now needs infrastructure to process them.

Ethereum’s Wall Street Moment

van Eck explained that if one person wants to send stablecoins, the recipient’s bank must either handle that transaction directly or rely on another institution to do so. According to van Eck, the real winners in this transition will be the blockchains that provide the foundation for these transactions.

He believes Ethereum, or other networks built on its Ethereum Virtual Machine (EVM) methodology, will be central to driving this new financial architecture.

“If I want to send you stablecoins, your bank has to figure it out, or you find some other institution to do that. The winner is, who’s going to be building on these blockchains? It’s going to be Ethereum or something that uses Ethereum’s methodology, which is called EVM.”

The regulatory landscape for stablecoins has witnessed a tremendous change with the passage of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), which was signed into law on July 18th this year.

As the first federal legislation of its kind, the act provides a framework to ensure stablecoins are transparent, fully backed, and safely integrated into the US financial system.

Post-Genius

The market’s reaction to GENIUS was swift. CryptoQuant recently reported that Binance’s stablecoin reserves surged from $32 billion to $36 billion shortly after the law’s approval.

Institutions are also accelerating their push into this sector. Stripe, for one, supports stablecoin payouts in over 100 countries and is developing its own Layer 1 blockchain to control payment rails. Circle, fresh off a successful IPO, is expanding beyond issuance with its Circle Payment Network (CPN) and a proprietary Layer 1 where USDC will be the native asset.

Even traditional giants are adapting – Visa recently introduced stablecoin settlement APIs to support round-the-clock global payments. Its rival, Mastercard, teamed up with OKX and Nuvei earlier this year to support global stablecoin payments, letting users spend from wallets and merchants accept USDC.

Update (May 10 2025): Following a detailed review of Royal Decree 253/2025, the official BOE text, and multiple independent fact‑checks, we determined that an earlier version of this article inaccurately claimed Spaniards must give 24‑hours’ notice to tax authorities before withdrawing more than €3,000 in cash and could face fines of up to €150,000 for non‑compliance. In reality, the reporting duty falls on banks and fintechs, not on individual savers, and the €150 k penalty applies only to institutions that fail to file the required data. The article has been fully updated to correct these points and provide a comprehensive, sourced explanation of the new rules.

The short version: the decree targets banks and fintechs, not ordinary account‑holders, but it still pushes Spain closer to total financial transparency.

Where the rumor came from

The story began with an April‑28 article in Madrid Informa, echoed by several English‑language blogs and a Fintechnews CH syndication. A thread by CitizenX CEO Alex Recouso snowballed on X, drawing an expletive‑laden reply from podcaster Peter McCormack. None of those posts linked to the Boletín Oficial del Estado (BOE) where the law was actually published.

What Royal Decree 253/2025 actually does

• Amends Articles 37, 38 and 38 bis of Spain’s General Tax Management Regulations (Real Decreto 1065/2007) and adds a new Article 38 ter. (BOE‑A‑2025‑6599)
• Requires banks, e‑money institutions and card issuers to file:
  • Monthly reports of cash deposits, withdrawals, loans and account balances over €3,000.
  • Monthly reports of merchant card payments (the old €3,000 annual threshold disappears).
  • Annual reports on all card activity—charges, reloads and ATM cash, unless the card moves less than €25,000 a year.
• Extends the duty to foreign fintechs serving Spanish residents.
• Shifts most of the workload from yearly to monthly filings, tightening AEAT’s risk‑analysis window from 12 months to roughly 30 days. (KPMG summary)

Myth‑busting: no 24‑hour notice, no €150k fine for private savers

Fact‑checkers at InfoVeritas debunked the claim that citizens must “pre‑notify” withdrawals. Article 38 merely obliges financial institutions to include any cash movement above €3,000 in their information return. There is no language in Royal Decree 253/2025 compelling an individual to file a form or wait 24 hours before touching their own money.

The headline €150,000 figure is the maximum administrative penalty the AEAT can impose on entities that systematically fail to file or falsify the new reports, roughly 0.5 % of their annual revenue under Spain’s graduated sanctions regime (Law 58/2003, Article 199). Private customers are not in scope.

Who can really be fined and for what

Why privacy advocates (and Bitcoiners) still care

Even without a pre‑notice mandate, Spain’s reporting overhaul means the tax agency will receive granular, near‑real‑time data on every sizable cash movement and virtually every card transaction. Civil‑liberties groups argue that such mass data collection flips the presumption of innocence, while crypto proponents see it as yet another advertisement for self‑custodied digital money.

“When state authorization is required to access your money, it’s no longer your money.” —Alex Recouso, CitizenX

Recouso’s post misstates the law but captures a sentiment echoed across Bitcoin Twitter: every new reporting layer nudges users toward censorship‑resistant rails.

Part of a broader EU clamp‑down

Spain’s move parallels the EU’s draft Anti‑Money‑Laundering Authority package, which seeks a €10,000 pan‑EU cap on cash payments and mandatory transaction‑monitoring APIs. Italy, France and Portugal already enforce sub‑€3,000 cash limits for commercial payments. The European Commission wants the final rules enacted before the 2026 AMLA launch.

Takeaways for Spanish savers and for crypto markets

1. You can still walk into your branch and withdraw €3,001 tomorrow. Expect questions and ID checks, but no pre‑filing duty.
2. Your bank—not you—will tell AEAT about it in its next monthly file.
3. Penalties target the institution if it hides or delays that data.
4. The decree turbo‑charges a surveillance trend that makes bearer‑less, peer‑to‑peer assets like Bitcoin look increasingly attractive.

Bottom line: the cash‑ban apocalypse headlines are exaggerated, but Spain’s new rules do shrink the remaining pockets of financial privacy. Crypto’s “be your own bank” narrative just got another tail‑wind, minus the misinformation.

Mentioned in this article

El Salvador will continue acquiring Bitcoin despite its agreement with the International Monetary Fund (IMF), according to President Nayib Bukele.

On March 5, Bukele dismissed conjecture that the country would halt Bitcoin purchases and reaffirmed that El Salvador would continue acquiring BTC, regardless of external pressures.

He stated:

“[Our Bitcoin purchases] is not stopping. If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”

Following his remarks, El Salvador’s National Bitcoin Office confirmed a fresh Bitcoin acquisition, bringing the country’s total holdings to 6,101 BTC—valued at approximately $530 million at the reporting time.

Bukele’s declaration comes amid reports that El Salvador has agreed to limit its government’s direct involvement in BTC-related activities. The IMF outlined that the nation must introduce stricter oversight of digital assets to align with evolving global financial regulations.

As part of this arrangement, the Central American country is barred from purchasing Bitcoin voluntarily, including through mining operations. The only exception applies to Bitcoin obtained via seizures, forfeitures, or other legal enforcement actions.

This development follows the country’s earlier agreement to ease its Bitcoin policies in exchange for an initial $1.4 billion financial aid package from the IMF. The conditions require the removal of mandatory Bitcoin acceptance for businesses and discontinuing tax payments in BTC.

Community reaction

Bukele’s statement has drawn a divided response within the crypto space. While some applaud his continued Bitcoin advocacy, others call for greater transparency regarding how El Salvador will navigate its IMF commitments.

JAN3 CEO Samson Mow suggested that Bukele should clarify how the country intends to maintain its BTC strategy within the new regulatory constraints. Similarly, John Carvalho, CEO of Synonym, called for details on the government’s long-term plan, saying:

“The IMF news seems to clearly prohibit what you are doing, and yet you have taken the deal, so what is your plan and what do you think happens next?”

However, Stacy Herbert, the director of El Salvador’s National Bitcoin Office, criticized those who doubted the government’s commitment.

She stated:

“Some ‘bitcoiners’ trust the words of the IMF over the stacking actions of El Salvador recorded for eternity onto the Bitcoin blockchain.”

[Editor’s Note: The IMF agreement clearly states that the El Salvadorian government may not continue to acquire Bitcoin in any format outside of law enforcement, including mining. Failure to comply with this requirement could cost the country $3.5 billion in aid over the agreement term. There is no trust in the ‘word of the IMF’ required to ascertain these facts. If El Salvador continues to acquire Bitcoin the IMF has the power to revoke funding unless the government has identified a loophole that has not been publicly shared.]

Mentioned in this article

Alon Cohen, co-founder of popular meme coin creation platform Pump.fun, has condemned the controversy surrounding the Javier Milei-endorsed LIBRA token and called for reforms.

The situation escalated as the Argentine President denied promoting the meme coin, despite his now-deleted post triggering its meteoric rise, while trader Hayden Davis admitted to holding $100 million from the token’s launch.

A Call for Change in Meme Coin Creation

Cohen took to X to express his disgust at the exploitation seen in the LIBRA case, stating that the debacle benefited a select few at the expense of regular investors.

“I’m disgusted by the events that transpired over the past days surrounding LIBRA,” he wrote, adding that he hoped those responsible got what they deserved.

He argued that meme coin creation should be decentralized, automated, and free from control by development teams or market makers, ensuring a level playing field for all participants. According to him, the existence of such middlemen only makes it possible for people to be taken advantage of.

Cohen also pointed out that the LIBRA incident had exposed major flaws in the crypto sector, showing how easily bad actors can manipulate markets and exploit retail investors. Further, he urged those with insider knowledge of any misconduct around the launch to come forward or send direct messages on his X account.

Javier Milei Denies Promoting LIBRA

The Pump.fun co-founder’s call came even as President Javier Milei denied promoting LIBRA. In an interview with Todo Noticias, the 54-year-old insisted he merely helped “spread the word” about the coin and acted in good faith.

Milei’s Valentine’s Day post on X, seemingly endorsing the project, pushed LIBRA’s market cap beyond $4 billion. However, following the ensuing hype, insiders allegedly cashed out on the meme coin’s popularity, walking away with more than $100 million and wiping out 94% of its value in the process.

However, the President’s office clarified that the post that kicked off the frenzy had been misinterpreted and that the government had no official ties to the token. Despite the denials, lawyers in Argentina have filed complaints with the U.S. Department of Justice and the FBI, asking for Milei to be investigated for fraud.

Adding to the controversy, Hayden Davis, who claims to have advised Milei on the LIBRA project, has admitted to holding more than $100 million from its launch. Speaking to Barstool Sports founder Dave Portnoy, who is himself behind the failed JAILSTOOL meme coin, the 28-year-old insisted the funds were meant to be reinvested into the project. According to him, the plan fell apart when Milei failed to post a second promotional video, leaving the funds in limbo.

The crypto trader is now facing scrutiny and fears for his safety, calling the situation a “plan gone miserably wrong.”