Major Stock Market Engages in Cryptocurrency Legalization Talks in High Profile Meeting
The biggest concern with the cryptocurrency industry has seemed to be the path to legitimacy. Fraudulent ICOs and hackers seem to run rampant in the industry, which has caused several countries to work on their regulatory measures. However, Nasdaq Inc. believes that they can help.
Towards the beginning of this week, Nasdaq held a small conference with officials at multiple crypto exchanges, including Gemini and related platforms. The whole goal was to work together to find a solution for the negative publicity that crypto has gotten lately, while pushing it into the future of the global market.
Even though representative would not give any statements about the outcome of the meeting, they were willing to say that the meeting happened. Gemini would not make any statement at all. According to reports, one of the main topics of discussion was regarding the tools needed for future regulation and the surveillance it will require.
The CEO of Nasdaq Inc, Adena Friedman, has spoken openly about her desire to regulate the growing market, and the firm has already decided to collaborate with multiple other platforms for it. One of the exchanges that has formed a partnership has been Gemini, which is a project from Cameron and Tyler Winklevoss. They hired Nasdaq for help with market surveillance for Bitcoin and Ether.
According to a statement from Friedman, she said that she believes that future information will expose cryptocurrency for what it is – a token of utility. Right now, Nasdaq is contributing technology to Gemini, SBI Virtual Currencies, and three other exchanges that remain unnamed.
There are other meetings that will need to happen in the future, since the participants in them need to have ongoing communication that will help with their efforts. Unfortunately, the chaotic performance of cryptocurrencies has left Wall Street with little interest in getting involved. As further proof about the work needed, the Justice Departments recently sought to learn about traders’ roles in potentially manipulating the price of various cryptocurrencies, using a criminal probe.