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Nasdaq

Nasdaq Hits Pause On Crypto Custody Plans, Citing Regulatory Hurdles

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a Bloomberg report, Nasdaq, the exchange operator, has announced that it is halting the launch of its crypto custodian business in the United States due to a shifting business and regulatory environment. 

Nasdaq’s Crypto Plans On Ice

The announcement comes as a surprise as the company previously announced plans to offer custody services for Bitcoin and Ether for institutional investors. The exchange operator had planned to launch the service by the end of the second quarter but now says it will no longer pursue a license related to the business.

Related Reading: Crypto VC Firm Polychain Capital Announces $200 Million In Funding – Details

Nasdaq’s decision to halt its digital-asset custodian business is a reflection of the rapidly evolving regulatory environment surrounding crypto. The company cited the changing business and regulatory environment as the reason for its decision, indicating that it wants to ensure that it is well-positioned to navigate this complex landscape.

One of the biggest regulatory concerns surrounding crypto is the potential for market manipulation.  The Securities and Exchange Commission (SEC) has previously expressed concerns about the lack of oversight and regulation in the crypto market and has rejected several Spot Bitcoin ETF applications over fears of market manipulation. 

Despite the setback, Nasdaq’s CEO, Adena Friedman, remains optimistic about the future of the crypto industry. She emphasized that the company will continue to build out its technological capability to handle crypto assets and that it remains committed to supporting the growth and evolution of the digital asset ecosystem.

Adena Friedman added:

More broadly, we remain committed to supporting the evolution of the digital assets ecosystem in a variety of ways, among them, through our ongoing engagement with regulators, the delivery of comprehensive technology solutions across the trade life cycle, and through our partnerships with potential ETF issuers to support tradable exchange listed products

While Nasdaq’s decision may not have a direct impact on the approval of Spot Bitcoin Exchange-Traded Fund (ETF) applications by the SEC, it could have broader implications for the adoption of crypto in the financial industry.

If regulatory concerns continue to be a barrier to entry for established financial institutions, it could slow down their entry into the crypto market and limit the options available to investors.

This could potentially make the SEC more cautious in its approach to approving Spot Bitcoin ETFs, as it seeks to ensure that investors are adequately protected and that the market is not vulnerable to manipulation.

Related Reading: Bitcoin Hashrate Stops Growing, Miners Hesitant About Market?

However, it is important to note that Nasdaq has been supporting the growth and evolution of the crypto ecosystem in other ways, including partnerships with potential ETF issuers, such as BlackRock Inc. Nasdaq recently partnered with BlackRock to apply for a Spot ETF that invests directly in Bitcoin.

Overall, Nasdaq’s decision to pause its plans for a digital-asset custody business is a reflection of the rapidly evolving regulatory environment surrounding crypto. 

While this decision may have some short-term implications for the adoption of crypto in the financial industry, it is important to remember that the crypto market is still largely driven by market demand and innovation, and many other factors could impact its growth and adoption.

Nasdaq
Total crypto market capitalization remains steady at the $1.16 trillion mark on the 1-day chart. Source: TOTAL on TradingView.com

Featured image from Unsplash, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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