Nasdaq, the United States stock market, has no immediate plans to launch a cryptocurrency exchange until there is more regulatory clarity from policymakers, said Tal Cohen, executive vice president of the firm.
In an interview with Bloomberg, Cohen said that the retail part of the cryptocurrency market is quite saturated and that there are enough exchanges catering to the needs of retail investors. He added that His company will continue to focus on crypto custody services that launched on September 20.
Cohen also shed some light on other cryptocurrency-related services he is working on, specifically building execution capabilities on the platform to move and transfer assets.
The world’s second-largest stock market might be hesitant to launch a cryptocurrency exchange in the United States, but the firm partnered with Brazil’s leading brokerage service provider XP to launch a cryptocurrency exchange last year.
The cryptocurrency market has gone through another price cycle like clockwork, but US policymakers have yet to offer a clear framework to bring cryptocurrency markets under the purview of the law.
The United States Securities and Exchange Commission (SEC), led by Gary Gensler, has been quite open about the vulnerabilities in the nascent market. However, despite numerous calls from Congress for clearer regulations, the United States has not made much progress on the matter.
The SEC continued its enforcement measures against crypto companies and expanded its enforcement team earlier this year. As a result of the increasing control actions despite the lack of regulatory clarity, Senator Bill Hagerty, a member of the Senate Banking Committee, has introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” legal action by the SEC.
The lack of regulations not only prevents established players such as Nasdaq from entering the space, but even existing cryptocurrency platforms in the country have suffered time and again due to enforcement actions and fines.
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