Regulation
yes to crypto trading, if only the regulatory framework was clear
New York Stock Exchange (NYSE) President Lynn Martin says she is open to offering cryptocurrency trading, provided the regulatory framework is clearer. Not only that, Martin sees cryptocurrency trading as an expansion opportunity for the stock market giant.
NYSE: President Supports Offering Cryptocurrency Trading, But Regulatory Framework Is a Hurdle
During a round table at Consensus 2024 in Austin, Texas, the president of the New York Stock Exchange (NYSE), Lynn Martinand the CEO of Bullish, Tom Farley, talked about cryptocurrency trading.
Specifically, Martin reportedly said he was open to consider offering the cryptocurrency trading on the stock market giant, but the unclear regulatory framework represents an obstacle.
“@NYSE The President said at #Consensus2024 he would consider offering cryptocurrency trading on the stock market giant, but regulatory uncertainty is an obstacle.”
Here’s what the NYSE President had to say:
“If there were clear regulatory indications [in the United States]it would be an opportunity to reflect”
Not only that, Martin would add that too the accumulation of $58 billion by US-listed Bitcoin spot ETFsIt would be a strong signal of demand for regulated crypto products.
“The fact that around $58 billion has flowed into ETFs is a strong signal that the market is looking for regulation in traditional structures. So hopefully the [U.S. Securities and Exchange Commission] he saw the inflows and said, ‘Hey, that makes a lot of sense,’ considering that bitcoin ETFs have been so successful.”
NYSE favorable to crypto trading, but unclear regulatory framework is an obstacle
Following this, the CEO of Bullish also spoke, Tom Farleywhich is also Martin’s predecessor at the NYSE.
Farley predicts this the US regulatory environment will improve over the next two years, regardless of the election result, and the direction will be to regulate cryptocurrency.
The current CEO of Bullish highlighted this changes of opinion towards cryptocurrencies in US politics. Farley mentioned, among others, the ouster of the anti-crypto chairman of the Federal Deposit Insurance Corp. (FDIC) and the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill in the House.
Not only that, Farley highlights the doubling of the Republican presidential candidate’s support for cryptocurrencies Donald Trump in a rapid chain of events.
In this regard, here are his words:
“Five years of evolution happened in five minutes. I’m really optimistic about what it will mean in this country. I think, just like in Europe, just like in Hong Kong, regulators are going to codify, ‘Hey, what’s reasonable about your digital asset industry? [..]You will see a progression in 2024 and 2025, regardless of whether it is Trump, Biden or Michelle Obama [as president]”.
The Stock Exchange team’s survey of its stakeholders
Last April, the NYSE data analytics team would have released A survey to its stakeholders, probe their opinions regarding a possible extension of trading hours on the stock exchange.
Specifically, the survey asks for opinions on a change to the opening hours of the Stock Exchange, which would become 24 hours a day from the classic 9.30 am to 4.00 pm.
Not only that, they also concern questions to stakeholders the number of operating days which, from the classic Monday-Friday, would become 7 days a week.
And so, while the classic times and days have characterized the stock exchanges and the stock exchange for decades, now the giant NYSE is asking to become totally continuous, just like the cryptocurrency market.
This survey could land right on model of the cryptocurrency market that turns out to be successfuloffering traders the flexibility to trade across different time zones and without market closure or downtime constraints.