NASDAQ too has joined the race of crypto race while the world is awaiting ICE’s new venture Bakkt’s roll out to be the first federally regulated exchange. SEC has rejected so many Bitcoin ETF in almost 2 years and each and every rejection had one point in common in all of them that there is no federally operated exchange that list bitcoins and other cryptos. While slowly all other points of rejection have found an answer, this “reason of rejection” to seems to be answerable soon by NASDAQ.
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First mover race to capture institutional movement into the crypto ecosystem
If sources are to be believed The NASDAQ is attempting to be the first mover in crypto exchange governance, order execution, and at the forefront of institutional movement into the crypto ecosystem. While there have been announcements of other headlines connected to global exchanges getting into crypto waters via partnerships and futures trading; the NASDAQ may just go all in. The famously aggressive and tech-savvy NASDAQ seems to be creating a pathway for cryptos to be listed and traded on the exchange proper.
While there has been no announcement as such but an insider source from NASDAQ, close to this development informed ICO Journal that as per the plans and timelines the world may soon see the likes of Bitcoin and Ethereum being listed and tradeable on the NASDAQ.
Quoting from the source note of ICO Journal
“The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. As you can imagine, our leadership is closely connected to the rumbling at the SEC and CFTC around cryptos and what is expected over the next 3-6 months. Even with the longest of time frames assumed, some guidance will be provided and I expect we will act quickly. The framework (two different sets of the framework based on two different regulatory outcomes) has already been laid to create a separate silo for coin listings and a robust trading apparatus. Doing the math here, look for regulatory bodies to provide guidance in Q1 of 2019, and an announcement and a ‘coin exchange’ to either be announced or launched in Q2 of 2019.”
NASDAQ reportedly hosted a closed-door meeting last month in Chicago that included representatives from about half a dozen companies, including Gemini and other cryptocurrency exchanges. According to reports by Bloomberg, the focus of the gathering was to encourage the industry to work toward improving the image of cryptocurrency by validating its potential role in global markets.