In early August 2018, there were rumors that NASDAQ could launch a joint venture with Gemini to list top cryptocurrencies for trading.
Details are not clear yet. But Bitcoin and Ethereum are likely to list on the exchange.
In fact, according to Unhashed.com, a NASDAQ source noted:
“The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. 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 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.”
Coupled with eventual ETF approval, this could open the floodgates of opportunity
While the rejections were aggravating, some analysts are still bullish.
In fact, some note that the VanEck and SolidX ETF proposal still has a fighting chance of approval. Others drew attention to the highly-anticipated arrival of the ICE-backed Bakkt platform. In fact, some some say this will be much more influential than a Bitcoin ETF.
Even SEC Commissioner Hester Peirce made it very clear there is “no reason to not allow” the ETF.
“I am concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market,” writes Peirce. “More institutional participation would ameliorate many of the Commission’s concerns with the Bitcoin market that underlie its disapproval order. More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETFs.”
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