U.S. ‘Regulatory Environment’ Forces Nasdaq to Postpone Crypto Custody Launch
In late March, Nasdaq announced its plans to launch a crypto asset custody service, starting with bitcoin (BTC) and ethereum (ETH). However, due to the ever-changing business and regulatory landscape in the United States, the project has been put on hold. CEO Adena Friedman stated during a Q2 earnings call that they have decided to pause the launch and pursue the necessary licenses needed for the business.
Here are the key points:
- Nasdaq planned to provide custody services for bitcoin and ethereum.
- The launch has been postponed due to the shifting regulatory environment in the United States.
- Nasdaq will continue to develop their technology capabilities to serve the global digital assets marketplace.
- SEC’s crackdown on crypto companies has intensified regulatory pressure in the U.S.
- Bakkt, Etoro, and Robinhood have delisted some cryptocurrencies in response to regulatory actions.
It’s unfortunate that Nasdaq had to postpone their crypto custody launch due to regulatory challenges. However, this is a clear indication of how the U.S. regulatory environment is shaping the crypto industry. It’s crucial for businesses in the crypto space to navigate these regulations and ensure compliance to foster a secure and trustworthy ecosystem.
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