Nasdaq abandoned plans for crypto business
Date: 2023-07-20 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
The head of the Nasdaq stock exchange said that the decision was made due to the changing regulatory environment in the United States
The American stock exchange Nasdaq has abandoned plans for the cryptocurrency business. Nasdaq CEO Adena Friedman said this during a conference call with investors, writes CoinDesk.
At a meeting with investors, the head of the stock exchange said that the company decided not to continue working on obtaining approval from local regulators for the crypto business. As a reason, Friedman cited the changing business environment, including the regulatory environment in the United States. At the same time, the Nasdaq itself does not refuse to support the crypto market. The stock exchange will continue to issue exchange-traded funds (ETFs) with a focus on cryptocurrencies, Friedman noted.
Elina Sidorenko, CEO of the ZaBusiness.RF platform, called the Nasdaq's decision to cancel crypto plans expected. According to her, the cryptocurrency world "has not yet reached such a degree of maturity that serious institutional players come from it" [the style and spelling of the original is preserved].
Recall that Nasdaq wanted to launch a business for storing bitcoin (BTC) and ether (ETH). In the future, the company planned to provide liquidity services. Moreover, Nasdaq also had an interest in creating its own crypto exchange. However, as noted by Nasdaq Vice President Tal Cohen, the market must first acquire clear regulation, Nasdaq Vice President Tal Cohen said earlier.
Later, Friedman even personally called on the US authorities to accelerate the regulation of the market. In her opinion, the US authorities should develop clear rules that would not harm the creation of new products. It was assumed that Nasdaq will launch its own cryptocurrency storage service by the end of the second quarter of 2023. It is unclear whether the stock exchange plans to return to the issue of creating its own crypto business as market regulation in the United States becomes clearer.
