Gabrielle Cook
Tal Cohen, the executive vice president of the United States stock exchange, Nasdaq, stated that there is no current plan to develop a crypto exchange until more reliable regulations are established by policymakers.
At a Bloomberg interview, Cohen stated that the crypto market's retail sector is now full and has enough exchanges that can meet the wishes of retail investors. He went on to say that his firm is sticking with its emphasis on crypto custody services, launched on Sept. 20.
Cohen gave insight into other cryptocurrency-related services the exchange is developing, such as building executing tools on the platform to transfer and move assets.
Last year, despite hesitancy towards launching a crypto exchange in the United States, the world's second-largest stock exchange partnered with XP, Brazil's leading brokerage service provider, to open such an exchange.
As is typical, the crypto market has experienced yet another price cycle, however United States policymakers have yet to provide a definite structure that applies the law to crypto exchanges.
The U.S. policymakers are yet to provide a concise framework to govern the crypto market, even though it has been following a predictable and steady price cycle.
Despite the efforts of the U.S. Securities and Exchange Commission, headed by Gary Gensler, to vocalize the dangers of the growing market, Congress has made little progress in developing clearer regulations.
Earlier this year, the SEC took further enforcement action against crypto firms and increased its crypto enforcement team. This prompted Senator Bill Hagerty, a member of the Senate Banking Committee, to propose legislation that would provide a safe harbor for cryptocurrency exchanges from "certain" SEC enforcement actions, notwithstanding a lack of regulatory clarity.
The absence of regulations has not only stopped established firms like Nasdaq from entering the crypto market, but it has caused existing crypto platforms in the country to endure enforcement actions, fines, and other penalties.