A new report online today suggests that Nasdaq recently discussed legitimizing cryptocurrency in a secret meeting.
As Bloomberg reports, Nasdaq recently hosted a meeting with Wall Street executives and representatives from the crypto industry in a discussion on how to legitimize cryptocurrency as an asset class:
“It [Nasdaq] hosted a closed-door meeting earlier this week in Chicago with representatives from about half a dozen companies, including traditional exchanges as well as Gemini and other crypto markets, according to a person familiar with the event. The focus of the gathering, this person said, was to encourage the industry to do things that will improve its image and validate its potential role in global markets.”
The meeting covered a broad range of topics from across the crypto space. Some of the items discussed during the secret meeting included:
- The implications of future regulations for cryptocurrencies
- The necessary tools and surveillance mechanisms for future crypto markets
This isn’t the first time Nasdaq has been involved in the crypto and blockchain space. Nasdaq’s CEO, Adena Friedman, has been outspoken about the need for regulation in the crypto space. Her firm has partnered with a number of exchanges to solve regulation issues. Earlier in 2018, for example, Nasdaq reportedly worked with Cameron and Tyler Winklevoss’s Gemini exchange. Nasdaq conducted market surveillance on bitcoin and Ether trading as well as bitcoin futures auctions on behalf of Gemini.
Friedman has also been publicly outspoken about her long-term belief in cryptocurrencies:
“I do believe that over time we’re going to find that there is really utility [in cryptocurrencies],” said Friedman at a Bloomberg event in June 2018.
Earlier this week, Nasdaq also revealed that it is supplying technology to five cryptocurrency exchanges, including Gemini and SBI Virtual Currencies. The other three exchanges Nasdaq is working with, however, remain unchanged.
“This Will Not be the Last Meeting of This Nature”
Bloomberg’s source apparently believes the meeting went well. Bloomberg claims “this will not be the last meeting of this nature”, which indicates that Nasdaq will continue meeting with cryptocurrency companies and exchanges over the coming months.
Ultimately, Wall Street has hesitated to move into the crypto space due to perceived problems with market manipulation and regulation. Nasdaq, however, appears to be bucking the trend by scheduling meetings with major crypto players behind closed doors. Stay tuned to see if anything comes from Nasdaq’s closed door event.