Following the news that the Chicago Mercantile Exchange Group (CME Group) intends to launch Bitcoin spot trading, Lynn Martin, the President of the New York Stock Exchange (NYSE), stated on Wednesday that NYSE would consider offering cryptocurrency trading services if the regulatory environment for cryptocurrency trading becomes clearer.
Lynn Martin attended the 2024 Consensus Conference held in Texas on Wednesday, where she discussed cryptocurrency regulations, changes in US politics, and how blockchain technology can improve the limitations and opportunities in traditional markets with Tom Farley, the CEO of cryptocurrency exchange Bullish.
During the conference, Lynn Martin expressed that NYSE would consider providing cryptocurrency trading if the regulatory environment in the US becomes more transparent. She pointed out that Bitcoin spot ETFs listed in the US have accumulated assets under management of $58 billion, which is a strong signal indicating market demand for regulated cryptocurrency products.
In their discussion, Lynn Martin and Tom Farley acknowledged the increasing connection between traditional financial markets and digital assets. However, regulatory uncertainty continues to hinder industry innovation. Lynn Martin mentioned that the CME Group, the world’s largest futures exchange, had previously announced plans to launch Bitcoin spot trading.
Tom Farley noted a significant shift in the US political stance towards cryptocurrencies, including the resignation of the chairman of the Federal Deposit Insurance Corporation (FDIC), the passage of the 21st Century Financial Innovation and Technology Act (FIT21) in the House of Representatives, and the vocal support for cryptocurrencies from Republican presidential candidate Donald Trump.
Tom Farley described this transformation occurring within five minutes after five years of stagnation, and he expects to see progress in 2024 and 2025, regardless of whether Trump, Biden, or Michelle Obama, the former First Lady, becomes the President.
While Lynn Martin remains optimistic about using blockchain technology to make financial processes more efficient and transparent, especially for less liquid assets like municipal bonds, Tom Farley believes that regulatory institutions’ lack of trust in public blockchains will prevent a large-scale migration of traditional real-world assets to digital assets. Regulatory institutions may instead encourage traditional financial companies to develop private blockchains rather than using existing blockchains for settlement.
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