The company’s executive vice president, Tal Cohen, said Nasdaq, the US stock exchange, has no immediate plans to launch a cryptocurrency exchange until there is better regulatory clarity from policymakers.
In an interview with Bloomberg, Cohen said that the retail side of the cryptocurrency market is somewhat saturated and there are enough cryptocurrency exchanges that cater to retail investors. He added that his company will continue to focus on the cryptocurrency custody services launched on September 20.
Cohen also shed some light on other crypto-related services the exchange is working on, which build execution capabilities on the platform for asset transfers and transfers.
The world’s second largest exchange may be reluctant to launch a crypto exchange in the US, but the company partnered with Brazil’s leading brokerage provider XP to launch a crypto exchange itself last year.
The cryptocurrency market has gone through another price cycle like clockwork, but US policymakers have yet to provide a clear framework to bring the cryptocurrency markets into law.
The US Securities and Exchange Commission (SEC), chaired by Gary Gensler, has been quite vocal about emerging market weaknesses. However, despite many calls from Congress for clearer regulations, the US has not made much progress on the regulatory front.
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The Securities and Exchange Commission (SEC) continued its enforcement efforts against crypto companies and expanded its crypto enforcement team earlier this year. As a result of increased enforcement efforts despite a lack of regulatory clarity, Senator Bill Haggerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” SEC enforcement actions.
Not only does the lack of regulations prevent big-name players like Nasdaq from entering the space, but even the country’s current crypto platforms have struggled from time to time due to enforcement and fines.