Report: Nasdaq has secret meeting to legitimize cryptocurrency industry

in crypto •  2 months ago

Secret meeting?

According to a report, a secret meeting took place between Wall Street insiders and Cryptocurrency representatives to figure out how to legitimize the crypto industry as an asset class.

More about the report can be found here:

https://www.bloomberg.com/news/articles/2018-07-27/crypto-players-gather-as-nasdaq-bids-to-burnish-industry-s-image

The report was first leaked by Bloomberg and has since made the rounds to several news outlets.

Per the report:

"The closed-door meeting in Chicago was attended by representatives from about half a dozen companies, including cryptocurrency exchange Gemini — whose co-founders, Cameron and Tyler Winklevoss, were behind the latest failed bid to create a bitcoin ETF."

"An unnamed source with knowledge of the meeting said that the participants discussed the implications of future cryptocurrency regulations and what industry firms can do to bolster the reputation of bitcoin and other cryptoassets."

(Source: https://www.ccn.com/nasdaq-plots-to-legitimize-cryptocurrency-in-secret-meeting-report/)

"This will not be the last meeting of this nature, the person said, adding that there will be an ongoing dialogue among the participants. Due to its history of illiquidity, theft, fraud and the lack of custody services, Wall Street has been slow to move into the space."

(Source: https://www.bloomberg.com/news/articles/2018-07-27/crypto-players-gather-as-nasdaq-bids-to-burnish-industry-s-image)

(Source: https://www.ccn.com/nasdaq-plots-to-legitimize-cryptocurrency-in-secret-meeting-report/)

This is very big news.

Wall Street could either try and stamp out the asset or they could get behind it and try to ensure its survival, it looks like they are doing the latter.

The Nasdaq has already inked agreements with a handful of cryptocurrency exchanges to allow them to use its market surveillance technology to better monitor their trading activity.

The Nasdaq also stated earlier that they would be open to listing crypto assets when the market was more mature.

The Nasdaq CEO is a firm believer in the technology saying:

"Cryptocurrency is the right next step in the space of currency. Though, the jury is still out on whether bitcoin or another coin will be the one that achieves mass adoption."

“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.”

(Source: https://www.ccn.com/nasdaq-plots-to-legitimize-cryptocurrency-in-secret-meeting-report/)

If Wall Street is embracing bitcoin and cryptocurrency it likely means that institutional investors are around the corner and that likely means big price increases are also around the corner.

It's a good time to be buying bitcoin folks.

Stay informed my friends.

Image Source:

https://cryptocoinspy.com/ethereum-founder-vitalik-buterin-forced-to-distance-himself-from-secret-meeting-of-ethereum-management-committee/

Follow me: @jrcornel

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This is good news for sure. The wheels move slow unfortunately, so I don't have my hopes up for much action this year. But that does present a great opportunity to purchase more BTC and alts for the foreseeable future at amazing prices. Thanks for the share!

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I agree. This news doesn't boost the market tomorrow, but it tells you longer term it's not going anywhere. There is no telling what coins will catch on, but bitcoin is probably a pretty safe bet.

Hi i am upvote provider read introduction post for more

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Do you provide me with upvotes?

This is the classic story of “If you can’t beat them, join them” for the financial institutions. Blockchain technology is here to stay and will disrupt their industry rapidly in the coming years until it is completely transformed. What is still to been seen is how and what assets will be the beneficiaries of this.

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Exactly. Bitcoin probably has a pretty good chance. Beyond that, your guess is as good as mine.

Secret Meetings? What ever happened to the promise of TRANSPARENCY. We still need to Drain The Swamp!

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Transactions are public, meetings can still happen in private.

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I followed you and upvoted you too and I hope you would so same...

They understand that they can't fight it

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They either jump on board or eventually miss the train. They are jumping on board.

OOH this explains the sudden increase in crypto! This shows how crazy the market can be, right after the EFT rejection comes this haha. The market never ceases to amaze me.

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It might have had something to do with the rebound for sure. Though, I think it was more likely that cooler heads prevailed and they realized that the Winklevoss ETF proposal was very different than the VanEck one and just because the former got rejected, doesn't mean the latter will.

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Yeah, oh well even if VanEck will be rejected it is only a matter if time that cryptos will be come legal.

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Yes, only a matter of time before an ETF gets approved.

really secret meeting? after the Winklevoss ETF !! more like wishful thinking

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Not sure why this is hard for you to believe? The NASDAQ is not the SEC. The NASDAQ sees a business opportunity, while the SEC needs to protect investors.

Upvoted

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Thanks.

Interesting! I wonder how many things happen closed doors that we are not even aware of..

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Haha, probably a lot.

It is a good news...

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It is very good news.

ohh really secret meeting but why they meeting without me :P

@jrcornel I think until and unless the volatility factor will not reduce under 30% it is very difficult for any Govt to take necessary action and regulate the issue and take appropriate decision to regulate it more precisely. For those who compare directly with fiat currency to trade it will take still time until volatile factor will come down and liquidity should increase in cryptocurrency than possibly thesse meeting will be worthful

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I am not sure why the volatility is such an issue. Gold has wild swings, stocks have wild swings. It's an asset and assets have wild swings from time to time. It's not ready to be used as money, that is correct.

Well they are very big and bitcoin is something they would like to take over