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Against the backdrop of a complex regulatory climate in the United States, Nasdaq, the global securities titan, has put a pin in its much-anticipated plans to establish a cryptocurrency custody. This revelation, which came during the organization's Q2 earnings call, has taken the crypto industry by surprise.
Adena Friedman, Nasdaq's CEO, unveiled this move, explaining the pressing need to tread cautiously in the shifting sands of the business and regulatory landscape in the U.S. The delay in the launch of the crypto custody has been attributed to the potential regulatory hazards that lurk around the corner.
Despite the setback, the tech giant stands unwavering in its commitment to pioneering digital asset solutions. The progress in their custody solution as a tech platform serving the worldwide digital assets marketplace remains unabated, she added.
The announcement also provided insight into Nasdaq's adaptive strategy in a fluctuating market environment. The firm plans to stay vigilant and respond to any potential shifts in the regulatory landscape in the near future.
In September 2022, Nasdaq first spilled the beans on its cryptocurrency custody project, aiming to create a secure platform for Bitcoin (BTC) and Ether (ETH) storage. Despite the daunting challenges, Nasdaq remained true to its plans as of March 2023 and targeted a roll-out by the close of July.
This development comes at a time when other major crypto enterprises are striving to list spot Bitcoin exchange-traded funds (ETF) on the Nasdaq exchange. Currently, under the scrutiny of the United States Securities and Exchange Commission, are two spot Bitcoin ETF proposals following the Nasdaq Rule 5711.
In the coming months, the industry and investors will be closely watching how the regulatory environment evolves and how it affects Nasdaq's path forward in the crypto landscape.
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