According to Nasdaq representatives, the retail side of the crypto market is pretty soaked now. Besides, numerous service providers count on satisfying the needs of retail investors.
As the executive vice president of the Nasdaq stock exchange, Tal Cohen states, the company won’t launch a crypto exchange until legislators make more precise regulations.
In the interview with Bloomberg, the vice president considered the retail side to be quite soaked. He added that there were enough cryptocurrency exchanges to satisfy the retail investors’ needs. Tal Cohen mentioned that Nasdaq would continue paying attention to crypto custody services launched on Sept. 20.
The Nasdaq VP also revealed some details about extra crypto-related services that his company is working on, explicitly creating execution capabilities on the platform to transfer and move assets.
The second-largest stock exchange in the world may be doubtful to launch a cryptocurrency exchange in the United States, yet the company partnered with XP, Brazil’s top brokerage service, to establish a crypto exchange last year itself.
Lawmakers in the United States still haven’t offered a coherent framework to regulate crypto markets despite the fact that the market has already gone through another price cycle.
The United States Securities and Exchange Commission spoke out about vulnerabilities that the burgeoning market faces. Even though there are numerous calls for clarifying the regulations, almost nothing has changed in this sphere in the US.
Earlier this year, the SEC enlarged its crypto enforcement team to continue law-enforcement actions against crypto companies. As a result, there was a lack of clear regulation and a growing number of law-enforcement activities simultaneously. A member of the Senate Banking Committee Bill Hagerty announced a bill that aims at protecting crypto exchanges from “certain” SEC enforcement actions.
To sum up, the lack of regulation keeps well-known market players like Nasdaq away from entering the space. Another part of the issue is that existing cryptocurrency platforms occasionally suffer from enforcement actions and fines.
