Bitcoin Forum

Nasdaq Discusses Crypto Regulation with Gemini, Five Others at Closed-Door Meeting

Nasdaq and representatives of about six companies operating in the cryptocurrency market held a closed-door meeting last week.

Stock exchange operator Nasdaq held a closed-door meeting last week with representatives from cryptocurrency exchange Gemini and about five other crypto-oriented companies, Bloomberg reports (https://www.bloomberg.com/news/articles/2018-07-27/crypto-players-gather-as-nasdaq-bids-to-burnish-industry-s-image), citing a person familiar with the matter. The event in Chicago was organized to discuss ways to improve the image of the cryptocurrency market and admit its significant potential in the global markets.

Gemini did not respond to comment requests while a Nasdaq spokesperson declined to comment, but confirmed that the event took place. It seems that Nasdaq, the operator of the second largest stock exchange in the world, wants to push the crypto industry towards the mainstream.

The source told Bloomberg that some of the discussed topics were related to the future regulation of cryptocurrencies and the necessary adjustments required for achieving that. Nasdaq CEO Adena Friedman has previously mentioned the need for crypto regulation. Moreover, the company is helping several exchanges to be in line with the requirements.

Bloomberg’s source also said that there would be more such events as the dialogue between the parties would be ongoing.

In April, we reported (https://cryptovest.com/news/winklevoss-twins-nasdaq-partner-on-surveillance-system-to-keep-bad-actors-out-of-crypto-space/) that Gemini partnered with Nasdaq to use its advanced surveillance system to prevent and control market manipulations. The stock exchange operator revealed last week that it was offering its technological solutions to five cryptocurrency exchanges, which includes Gemini and SBI Virtual Currencies. The other three entities were not disclosed.

The fact that such large companies like Nasdaq are joining forces with key players of the cryptocurrency world gives hope to the crypto community that Wall Street will accelerate the adoption of the emerging industry. The Wall Street entities, including banks, institutional investors, fund managers, regulators, and other parties, are viewed as the upper echelon of the financial world. Any kind of approval from that side is regarded as a big victory for the cryptocurrency space.

Source: https://cryptovest.com/news/nasdaq-discusses-crypto-regulation-with-gemini-five-others-at-closed-door-meeting

Improve the image of cryptocurrency? I'm not sure what corporate suits can do to achieve that. I'd say more damage has been done to cryptocurrency's reputation in boardrooms and behind closed doors, than any number of hacker/swindler/*insert illegal use trope here* could ever hope to do.

Typically misinformed of them to believe that a few powerful people in a room can change the fortunes of a decentralised idea.

I'm not sure many in the "cryptocurrency space" would see the participation of these financial "upper echelon" members as a "victory" for crypto.

I'm quite certain that within a year or two the main legacy corporate elite will have taken over the some of the main exchanges in this industry. Poloniex was just a teaser.

That's why it's very important to start building up decentralized economies and put more effort into understanding what LN really is and what it is capable of. I strongly believe that LN is Bitcoin's killer application. It will allow people to utilize Bitcoin as cash on a massive scale that we can't even imagine right now. It will grant Bitcoin an ultimate advantage over any other coin and centralized payment service such as Visa, PayPal, etc.

What's faster than near instant settling payments that barely require a fee?  :)

If brick and mortar stores accept LN and grant people a 2% discount (which is calculated in due to Visa&Master fees) for every purchase, you can be sure that people will rush to these stores to use it.

Or NASDAQ will be the main exchange to buy and sell cryptoassets.

This meeting should not be understated. It is a good indication that movement will be towards a regulatory regime. It will also mean a likely approval of an ETF shortly. Cryptos do have a reputational problem and these institutions could give legitimacy to the crypto markets.