Following the news of the Chicago Mercantile Exchange Group’s (CME Group) intention to launch Bitcoin spot trading, Lynn Martin, the President of the New York Stock Exchange (NYSE), stated on Wednesday that NYSE would consider providing cryptocurrency trading services if the regulatory environment for cryptocurrency trading becomes clearer.
Lynn Martin attended the 2024 Consensus Conference in Texas on Wednesday, where she discussed cryptocurrency regulations, changes in US politics, and how blockchain technology can improve traditional markets with Tom Farley, the CEO of the cryptocurrency exchange Bullish.
During the conference, Lynn Martin expressed that NYSE would consider offering cryptocurrency trading if the regulatory environment in the US becomes more transparent. She pointed out that the Bitcoin spot ETF listed in the US has accumulated $58 billion in assets under management, which is a “strong signal” that there is a demand for regulated cryptocurrency products in the market.
Lynn Martin and Tom Farley discussed in their panel discussion that despite the increasing connection between traditional financial markets and digital assets, the uncertainty in regulations continues to hinder industry innovation. Lynn Martin mentioned that the CME Group, the world’s largest futures exchange, has also reportedly planned to launch Bitcoin spot trading.
In terms of the US stance, Tom Farley noted that there has been a significant shift in the US political landscape regarding cryptocurrencies. This includes the resignation of the chair of the Federal Deposit Insurance Corporation (FDIC) Anti-Cryptocurrency Group, the passage of the 21st Century Financial Innovation and Technology (FIT21) Act in the House of Representatives, and support for cryptocurrencies from Republican presidential candidate Donald Trump.
Tom Farley described this as five years of evolution happening in five minutes and predicted progress in 2024 and 2025, regardless of whether Trump, Biden, or Michelle Obama, the former First Lady of the United States, 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 due to the lack of trust in public blockchains by regulatory authorities, traditional real-world assets will not massively migrate to digital assets. Regulatory institutions may instead encourage traditional financial companies to develop private blockchains rather than using existing blockchains for settlement.