The NYSE (NYSE) would consider offering cryptocurrency trading if the regulatory situation for these assets was clearer.
This was stated by Lynn Martin, president of the company, in a round table that took place during the Consesus 2024 event held by the specialized media CoinDesk. According to Martin, If there were “clear regulations” in the US, cryptoassets would represent an “opportunity to take into account” by the largest stock market in the world.
In this sense, Martin highlighted that the success of spot bitcoin (BTC) exchange-traded funds (ETFs) listed in the US is “a clear sign” that there is demand for regulated crypto products.
“The fact that ETFs have received about $58 billion has been a clear sign that the market is looking for regulation in traditional structures. So, hopefully, the Securities and Exchange Commission (SEC) ) saw the entries and said ‘hey, this makes a lot of sense,’ considering that bitcoin ETFs have had tremendous success,” Martin added.
It should be noted that the NYSE’s main rival in the US, the Chicago Mercantile Exchange (CME), a giant in regulated cryptocurrency futures trading, is planning to offer cryptocurrency spot trading to its clients, as reported by the ‘Financial Times’ earlier this month.
Ethereum ETF, the novelty of the cryptocurrency market
Ethereum Spot ETFs Approved by the Securities and Exchange Commission (SEC) United States. They gave the green light to all 8 proposed at the same time (just as they had done in January when they approved bitcoin ETFs).
“After careful review, the Commission determines that the Proposals are consistent with the Exchange Act and the rules and regulations applicable to a national securities exchange,” the document stated.
SEC filings list eight Ethereum ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy and BlackRock’s iShares Ethereum Trust, proposed to list on Nasdaq, NYSE Arca and Cboe BZX Exchange.
What are ETFs
The Exchange Traded Funds’ are listed investment funds and they are traded in the same way as a corporate stock on traditional stock exchanges and are designed to track the price of the assets that comprise it (in this case, ether) forming a unit of value.
The move is expected to bring a substantial influx of institutional capital into the Ethereum market, with Standard Chartered head of digital asset research Geoff Kendrick predicting inflows of between $15 billion and $45 billion in the first 12 months.
Source: Ambito
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