The NYSE President stated that the successful launch of the spot Bitcoin ETFs in the US has already validated the demand for crypto products. She added that NYSE would wait for clear regulatory guidelines before venturing in this market.
Lynn Martin, the President of the New York Stock Exchange (NYSE), stated that they would consider offering crypto trading services provided there’s a clear regulatory status for trading firms to expand in this direction.
During a panel discussion at Consensus 2024 in Austin, Texas, Martin stated:
“If there was clear regulatory guidance [in the US], it would be an opportunity to look at.”
She also added that the US listed spot Bitcoin ETFs have amassed a total of over $59 billion in total assets which “is a strong sign” highlighting strong demand for regulated products.
During a panel discussion, Martin and Tom Farley, CEO of crypto exchange Bullish, highlighted the growing integration of traditional financial markets with digital assets. Despite this convergence, they emphasized that regulatory ambiguity continues to hinder innovation within the industry. Martin said:
“The fact that you’ve seen $58 billion or so come to the ETFs has been a strong sign that the market is looking for regulation in traditional structures. So, hopefully, the [U.S. Securities and Exchange Commission] saw the inflows and said, ‘Hey, this makes a lot of sense,’ considering bitcoin ETFs have been a tremendous success.”
On the other hand, NYSE rival – the Chicago Mercantile Exchange (CME) – is already planning to launch a spot crypto trading facility for its clients.
Shift in Crypto Approach in the US
Farley emphasized the swift shift in the US political landscape towards crypto, citing events like the removal of the anti-crypto chair of the Federal Deposit Insurance Corp (FDIC), the approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House, and the vocal support for crypto by Republican presidential frontrunner Donald Trump.
“Five years of evolution happened in five minutes. I’m really optimistic about what it means in this country. I think, just like in Europe, just like in Hong Kong, you’re going to have regulators codified, ‘Hey, what’s your reasonable digital assets industry look like’. You’re gonna see progression in 2024 and 2025, irrespective of whether or not it’s Trump or Biden or Michelle Obama [will be president],” he added.
Martin echoed optimism about blockchain’s potential to enhance efficiency and transparency in financial operations. She particularly highlighted its utility in improving processes related to less liquid assets like municipal bonds.
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