New NASDAQ Rumor Hints at 2019 Crypto Listings while Bakkt Bitcoin ETF Plans for 2018 Open
According to some reports, Nasdaq, the world’s second biggest stock exchange by market capitalization, could soon start to list some virtual currencies. Additionally, it could start supporting the trading through a crypto exchange.
At the end of 2017, the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) started offering bitcoin futures. However, Nasdaq wants to list virtual currencies and allow investors to buy and sell them.
This would be very bullish for the virtual currency market. Institutions and wealthy investors ready to enter the market would do that using Nasdaq’s services. Additionally, it would set a precedent for the U.S. Securities and Exchange Commission (SEC).
In the past, the regulatory agency rejected several proposals to approve bitcoin-related exchange traded funds (ETF).
The ICO crypto media outlet contacted several sources related to Nasdaq and the virtual currency exchange Gemini.
The first source commented on the matter:
“The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. As you can imagine, 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.”
The source explains that the regulatory bodies would be providing guidance during the first quarter of 2019, and the announcement of an exchange could be announced or launched during the second quarter of 2019.
As per a second source quoted by ICO Journal, Tyler and Cameron Winklevoss, founders of the Gemini exchange, are working with Nasdaq with the intention to be the first to list tokens. Apparently, the decision could be earlier than what people thinks.
The second source was more clear about when Nasdaq is planning to launch the cryptocurrency trading services. Additionally, for this source, Gemini is increasing the number of employees because they are working with Nasdaq.
“If you made me take a bet on it, I’d put money on their being a joint venture of some sort that sees several tokens listed and available to the public to trade on the Nasdaq by Q2 of 2019,” commented the source.
It is important to mention that regulatory authorities are working in order to create a better legal framework for virtual currencies to operate in the country. Companies are waiting for more clarity from the SEC before investing in the cryptocurrency market.
As we wrote yesterday, Goldman Sachs decided to suspend the development of a trading desk for cryptocurrencies. According to the Wall Street bank, the decision has been taken due to the fact that the regulatory framework needs to improve.
Of course before we can even see how ICE and Bakkt become powerplayers in the crypto space, we have the highly anticipated Cboe VanEck SolidX Bitcoin ETF proposal that will be decided on or before September 30, 2018. As both VanEck got denied one before just as SolidX did, now they are coming together to learn from their previous rejections to see about formulating the right masterpiece for the SEC to say yes to. It shall be an interesting close to the year as the 2018 bear market looks to break out of its year-long hibernation and spark an unprecedented rally.
After this information, the cryptocurrency market dropped substantially. In the last 24 hours, some coins lost more than 20%. Bitcoin (BTC) is down 12.66% and it is being traded close to $6,450 dollars.