Nasdaq Held Closed Door Meeting Moving Closer to Legitimizing Cryptocurrency

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by Julia Sakovich · 3 min read
Nasdaq Held Closed Door Meeting Moving Closer to Legitimizing Cryptocurrency
Photo: Julien GONG Min / Flickr

One of the world’s largest stock exchange Nasdaq organized a closed-door meeting devoted to the issues of cryptocurrency regulation.

Though it may seem that the reputation of the crypto industry is hopelessly spoilt by shady transactions and fraud, the world’s second-largest stock exchange Nasdaq has some plans how to change the situation.

The organization held a closed-door meeting on this issue. The invited representatives of traditional exchanges and the cryptocurrency industry had an opportunity to discuss any possible ways of legitimization of cryptocurrency as an asset class. According to the source familiar with the matter, who preferred to remain unnamed, representatives from about half a dozen companies took part in the meeting.

The event was aimed at inspiring the industry to act with a view to make its own image better and to validate the role that it potentially could play in the global economy. Though a Nasdaq spokesman refused to make any comments on the issues, the fact that the event had been held was confirmed.

Such topics as potential regulation for cryptocurrencies, necessary tools and solutions as well as surveillance were widely discussed at the meeting. There is no surprise that Nasdaq today is such an active player in this sphere. Earlier, Adena Friedman, Nasdaq Chief Executive Officer, has already mentioned that the crypto market needs to be regulated.

Moreover, as it has become known, Nasdaq is practicelly ready to list cryptocurrencies, nevertheless, according to the exchange’s management this asset class is not mature enough to listed in the nearest future. This year, in April, she made their ambitious plans clear: “Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.”

Adena Friedman also believes that cryptocurrency can become the right next stage of the development of currency. Nevertheless, she has some doubts whether any cryptocurrency could achieve mass adoption one day.

Friedman commented her point of view the following way: “How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”

It has already been revealed that the company is now working on development of a Bitcoin futures product that is aimed to be used as a long-term investment tool.

But even taken into consideration all the above-mentioned facts, Nasdaq CEO is rather negative about ICOs. In her opinion, this sphere lacks transparency and is absolutely uncontrolled which could lead to negative consequences for retail investors.

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