Nasdaq needs clear regulations before launching crypto exchange, says VP - Cointelegraph
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The SEC continued its enforcement actions against crypto firms and expanded its crypto enforcement team earlier this year.
As a result of growing enforcement actions despite a lack of regulatory clarity, Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” SEC enforcement actions.
The lack of regulations isn’t just preventing established players like Nasdaq from entering the space, but even existing crypto platforms in the country have suffered from time to time due to enforcement actions and fines.
Nasdaq, the United States stock exchange, has no immediate plans to launch a crypto exchange until there’s better regulatory clarity from policymakers, said Tal Cohen, the company’s executive vice president.
The world’s second-largest stock exchange might be hesitant to launch a crypto exchange in the United States, but the firm partnered with Brazil’s leading brokerage service provider, XP, to launch a crypto exchange last year itself.
The crypto market has gone through another price cycle like clockwork, but policymakers in the United States are yet to offer a clear framework to bring crypto markets under the purview of the law.
In an interview with Bloomberg, Cohen said that the retail side of the crypto market is fairly saturated and there are enough crypto exchanges catering to the needs of retail investors.
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Cointelegraph
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