After the United States SEC denied the Winklevoss twins’ last attempt to list a Bitcoin ETF on a regulated stock exchange, the cryptocurrency market has shown well hit.
The SEC has also expressed concern that Bitcoin’s markets are very likely to be manipulated to make the agency feel at ease in allowing a stock exchange to involve it in a traditional securities product.
In contrast to these developments, one of the world’s largest stock exchanges, the Nasdaq, held a discreet, closed-door meeting with several representatives of Wall Street and the cryptocurrency sector, to discuss how it would be possible to legitimize cryptocurrencies as a real asset class.
The meeting was in Chicago and was attended by representatives of half a dozen companies, including Gemini – whose co-founders, Cameron and Tyler Winklevoss, were behind the last failed attempt to create a Bitcoin ETF. Participants discussed the implications of future cryptocurrency regulations and what companies in the industry can do to enhance the reputation of Bitcoin and other currencies.
Earlier this year, Nasdaq signed deals with several cryptocurrency exchanges to allow them to use their surveillance and security technology to policing their trading platforms. The Nasdaq also showed openness to list cryptocurrency products as soon as the class is more mature.
According to Nasdaq CEO Adena Friedman, cryptocurrency is the “next step in the money”, although the “jury is still out” about whether Bitcoin or another currency will achieve mass adoption. “How this evolves and which of the cryptocurrencies may or may not be the one that is finally adopted, I think the jury is really out of it,” she said. “But I think the idea of a more globalized and more efficient payment mechanism than we have today allows money to be transferred between countries and certainly supports the Internet economy.”