Regulation
yes to crypto trading, if only the regulatory framework was clear
The president of the New York Stock Exchange (NYSE), Lynn Martin, says she is open to offering trading in cryptocurrencies, provided the regulatory framework is clearer. Additionally, Martin sees crypto trading as an expansion opportunity for the stock market giant.
NYSE: President is in favor of offering crypto trading, but the regulatory framework is an obstacle
During a round table at Consensus 2024 in Austin, Texas, the president of the New York Stock Exchange (New York stock market), Lynn Martinand the CEO of Bullish, Tom Farley discussed cryptocurrency trading.
In particular, Martin confirmed that he was open to consider offering it cryptocurrency trading on the gigantic American market, but the normative quadro does not represent an obstacle.
“@NYSE President said at #Consensus2024 that she would consider offering cryptocurrency trading on the stock giant, but regulatory uncertainty is an obstacle.”
Ecco told the NYSE chairman:
“If there were clear regulatory guidelines [in the United States]this would be an opportunity to consider”
Not only that, Martin also reportedly added that the accumulation of $58 billion by spot Bitcoin ETFs listed in the USAwould be a strong signal of demand for regulated crypto products.
“The fact that approximately $58 billion has been invested in ETFs is a strong signal that the market is seeking regulation of traditional structures. So hopefully the [U.S. Securities and Exchange Commission] saw the inflows and said, “Hey, this makes a lot of sense,” given that Bitcoin ETFs have been a huge success.
NYSE is friendly to crypto trading, but unclear regulatory framework poses an obstacle
Then, the CEO of Bullish intervened, Tom Farleyhe is also Martin’s predecessor at the NYSE.
Farley predicts that the US regulatory environment will improve over the next two years, whatever the outcome of the elections, and the objective will be to regulate crypto.
The current CEO of Bullish emphasized changing opinions towards cryptocurrencies in American politics. Among other things, Farley mentioned the ouster of the anti-crypto president of the Federal Deposit Insurance Corp. (FDIC), the approval of the Financial Innovation and Technology for the 21st Century (FIT21) bill in the House.
Additionally, Farley highlights the Republican presidential candidate’s doubling of support for cryptocurrencies. Donald Trump in a rapid chain of events.
To this end, I would like to say:
“Five years of evolution happened in five minutes. I’m really optimistic about what that means in this country. I think, just like in Europe, just like in Hong Kong, the regulators will codify, “Hey, how reasonable is your digital asset sector?” [..]You will see progression in 2024 and 2025, whether it is Trump, Biden or Michelle Obama. [as president]”.
The Stock Exchange team’s survey of its stakeholders
Last April, the NYSE data analysis team would have issued A investigation to its stakeholders, survey their opinions regarding a possible extension of trading hours on the Stock Exchange.
Specifically, the survey asks for opinions on a change in the opening hours of the Stock Exchange, which from the classic 9:30 a.m. to 4:00 p.m., would become 24 hours a day.
Not only that, the questions asked to the stakeholders also relate to the number of operational days which, from the classic Monday to Friday, would increase to 7 days per week.
So, while classic hours and days have characterized the stock market and the stock market for decades, now the giant NYSE is asking to become fully continuous, just like the crypto market.
This investigation could happen precisely on the crypto market model that proves effectiveproviding traders with the flexibility to operate across different time zones and without market closure constraints or downtime.