Nasdaq Stops Crypto Custody Initiative

Nasdaq CEO Adena Friedman announced on Wednesday in an earnings call that Nasdaq has decided to halt their launch of a US digital assets custodian business and related attempts at securing a relevant license due to the fluctuating business and regulatory environment.

Though the exchange operator had intended to secure approval from the New York Department of Financial Services by June’s end, Friedman expressed that Nasdaq is still striving to develop and finance technology to take a leading position as a digital asset software solutions provider for the global industry.

Additionally, they are still actively engaged with regulators in their attempt to approve spot Bitcoin ETFs with the assistance of BlackRock, though concerns of fraud and manipulation have caused the Securities and Exchange Commission to delay their decision.