Nasdaq Conducts Secret Meeting With Crypto Companies To Legitimize Digital Currencies
According to the latest report from Bloomberg, the world’s second largest stock exchange - Nasdaq Inc. has been conduction a closed door secret meeting with representatives from the crypto industry as well as the Wall Street to discuss on how to legitimize digital currencies as an asset class.
A person familiar with the matter told the publication that the secret meeting was conducted earlier this week and was attended by representatives of more than a dozen cryptocurrency firms with the like of Cameron and Tyler Winklevoss, founders of the popular Gemini exchange.
The source said that focus of the meeting was to act on proper restricting of the crypto market to improve its image and thus validate its capabilities in the global economic markets. A Nasdaq spokesperson has confirmed regarding this even but declined to comment further on it.
The participants of the meeting discussed regarding what could be implications of the cryptocurrency regulations going ahead and what the crypto businesses can contribute to improve the reputation Bitcoin and other similar crypto assets.
Not much information is available regarding this meeting but the source said that there will be an ongoing dialogue between the participants.
Earlier this year, Nasdaq established ties with popular cryptocurrency exchanges like Gemini to source its SMARTS surveillance technology to identify and discourage market manipulation. The SMARTS surveillance technology incorporates common rules of working for all the exchanges in the cryptocurrency marketplace. It works by automating the process of analyzing, detecting and investigating trading practices that may appear to be disorderly or deceptive.
Additionally, Nasdaq CEO Adena Friedman has also hinted that given the growing maturity of the crypto market, they might consider launching their own crypto exchange in the future. The outspoken CEO also believes that digital currencies will continue to persists, it’s just that there is no specific time-frame that the market will take to mature.
Friedman said: “How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”
Regulatory bodies from the around the globe are seen making persistent efforts to weed out bad players form the market and protect investor’s interests. A few months back, the U.S Justice Department launched a criminal probe to investigate the possibility of price manipulations in Bitcoin.