The crypto community seems to be waiting with eager anticipation for U.S. politicians to implement a thorough regulatory framework.
The long-awaited implementation of crypto rules in the United States may serve as the push for the next wave of institutional adoption. Due to regulatory uncertainties, financial institutions have been sceptical of the asset class too far, particularly in the United States.
However, when Congress reaches a consensus on how to address digital assets without fully restricting innovation, it might give the go-ahead to the major players in the financial and investing industries.
Nasdaq Inc., an American global financial services firm and owner and operator of three stock exchanges, is one of these major players.
Bloomberg reported on October 5 that Nasdaq is awaiting additional regulatory certainty about cryptocurrency exchanges before launching its own. Regarding the expansion of its digital asset services, Tal Cohen, executive vice president and head of North American markets, told the publication, “those are talks we’re eager to have.”
He said that the retail sector is “pretty saturated,” thus the company will continue to concentrate on its crypto custody services, for which there is still “huge demand and opportunity.” Indicating more growth, he added: “We believe that if you can safely store people’s valuables, they will entrust you with everything else.”
In addition to providing custody services, Nasdaq will develop tools to simplify the transfer and movement of crypto assets. Ira Auerbach, the former head of prime broker services at Gemini, was appointed by Nasdaq last month to run its new digital assets arm. This entity will first provide Bitcoin and Ethereum custody services to institutions.
Ki Young Ju, the chief executive officer of CryptoQuant, also believes that institutional investors will drive the next market surge, citing a chart that reveals probable entry opportunities for institutional investors.
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