Leaders.com
  • Login
  • Subscribe
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
  • Login
  • Subscribe
Cryptocurrency The tech-heavy Nasdaq stock exchange is making a jump into crypto

The tech-heavy Nasdaq stock exchange is making a jump into crypto (Photo by Manuel Romano/NurPhoto via Getty Images)

By Savannah Young Leaders Staff

Savannah Young

Savannah Young

News Writer

Savannah Young is a news writer for Leaders Media. Previously, she was a digital reporter for WATE Channel 6 (ABC)...

Full bio


Learn about our editorial policy

Sep 20, 2022

A New Home for Crypto

The tech-heavy Nasdaq stock exchange is making a jump into crypto.

Key Details

  • The second largest stock exchange, Nasdaq, is taking its first big step into the world of cryptocurrency.
  • As the demand for cryptocurrencies grows, Wall Street firms are upping their offerings in order to keep up.
  • Nasdaq is creating a new group dedicated to digital assets that will offer custody services for bitcoin and ether to institutional investors, according to the company’s executive vice president Tal Cohen.

Why it’s news

Nasdaq has hired Ira Auerbach, who ran prime broker services at crypto exchange Gemini, to head up the new Nasdaq Digital Assets unit, according to Bloomberg. 

“We believe this next wave of the revolution is going to be driven by mass institutional adoption,” says Auerbach. “I can think of no better place to bring that trust and brand to the market than Nasdaq.”

Nasdaq is looking to become a keeper of digital assets, although this is pending approval from the New York Department of Financial Services. By doing this, the company would be competing with crypto firms like Coinbase and BitGo.

A small number of financial firms, including BNY Mellon and State Street, also provide crypto custody for institutions, although a recent Securities and Exchange Commission accounting guideline has made holding tokens on behalf of clients more capital intensive, according to Bloomberg.

“Custody is foundational,” Cohen says. “Off the back of custody, we can start to develop other solutions, offer execution services, liquidity services, and think about how we support new markets.”

Regulation

Crypto regulation has been a conversation amongst federal agencies for years. It has been 13 years since the creation of Bitcoin, the first cryptocurrency, and it remains largely unregulated by the federal government, leaving investors without key protections from fraud and market manipulation, says The Wall Street Journal’s Paul Kiernan.

Many crypto advocates oppose the federal government taking on a regulatory role. They say regulation will stifle growth and prevent cryptos from becoming the dramatic, decentralized asset class that many hope they can become.

“We know how to operate under regulatory regimes, and we continue to innovate under the rules of the road,” Cohen said. “Embracing regulation as it comes is something we do. And institutions want us to operate under that framework.”

Home / News / A New Home for Crypto
Share
FacebookTweetEmailLinkedIn

Related Stories

Perjury, Rubio Says Of the TikTok CEO 

by Tyler Hummel Leaders Staff
Public Policy

Jun 2, 2023

Senator Marco Rubio (R-FL) has called for TikTok’s CEO to be charged with lying to Congress. 

Key Details

  • TikTok CEO Shou Zi Chew was questioned before Congress on March 23 regarding his company’s access to data and how the Chinese government has access to it. 
  • On Thursday, Senator Rubio sent a letter to Attorney General Merrick Garland asking the Justice Department to open an investigation into whether CEO Chew committed perjury in his testimony. 
  • Chew claims that data “has always been stored in Virginia and in Singapore."
  • Subsequent Forbes reports have shown that this is not true, as U.S. tax IDs and social security numbers have been found on Chinese services. 
  • Rubio says Chew “should be held accountable for making false statements about material facts related to TikTok’s operation.”

Go deeper

FacebookTweetEmailLinkedIn

Student Loan Payments May Harm the Economy 

by Tyler Hummel Leaders Staff
Loans and Borrowing

Jun 2, 2023

The pause on student loan payments will lift in September, and analysts disagree on how much of an impact it will have on the economy. 

Key Details

  • On August 24, 2022, President Joe Biden signed an executive order allowing for up to $20,000 in student-loan forgiveness, which was subsequently and repeatedly challenged in court. 
  • On Thursday, the Democrat-controlled U.S. Senate passed legislation blocking the president’s student loan forgiveness program. 
  • The Supreme Court is expected to release decisions regarding two lawsuits surrounding the issue by the end of this month—these rulings could strike down or affirm the president’s power to act on student-loan forgiveness from the executive chair unilaterally. 
  • If the program is struck down, the ongoing pause on student-loan payments will regardless lift in September. 
  • Eligible student-loan payments have been on hold since March 13, 2020, as part of the government’s pandemic-relief measures.

Go deeper

FacebookTweetEmailLinkedIn

Musk’s Starlink Secures Military Contract For Ukraine 

by Tyler Hummel Leaders Staff
Tech

Jun 2, 2023

A new contract with the Pentagon has secured SpaceX’s ability to provide Starlink terminals to support the war effort in Ukraine. 

Key Details

  • The Department Of Defense has contracted SpaceX’s Starlink satellite internet service to provide service in Ukraine, Reuters reports. 
  • The contract, which comes following SpaceX’s comments that it cannot afford to provide the service indefinitely, will allow 4,000 Starlink satellites to send the service they have since last year. 
  • The Pentagon will be purchasing Starlink terminals to provide to Ukraine. 
  • SpaceX CEO Elon Musk argues that providing service to Ukraine costs the company $20 million monthly. 
  • The Pentagon has not released details on the nature of its agreement with SpaceX “for operational security reasons and due to the critical nature of these systems," Bloomberg reports.

Go deeper

FacebookTweetEmailLinkedIn
Apple and Goldman
Business

Jun 2, 2023

Apple’s Savings Plan Not Giving Back

by Hannah Bryan Leaders Staff
Markets

Jun 2, 2023

Strong Jobs Report Rallies the Market 

by Tyler Hummel Leaders Staff
Wealth

Jun 2, 2023

Becoming a Billionaire Takes Patience

by Hannah Bryan Leaders Staff

Recent Articles

Leadership

Jun 1, 2023

Transforming Impulsive Behavior: Unleashing the Disciplined Leader Within

Impulsivity can cause financial problems, reputation damage, and legal issues.

Leadership

May 31, 2023

Self-Sacrificing and Hate Attention? You May Be an Echoist, the Opposite of a Narcissist

An echoist, the opposite of a narcissist, is selfless, but lacks boundaries and self-esteem.

Hiring

May 30, 2023

See the World and Get Paid: 10 Amazing Jobs That Require Travel

Not looking for an office job? These jobs will encourage you to travel the world.

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com

x