Crypto custody (rightfully) is only going to come under greater scrutiny in the U.S., danielgkuhn writes. If an established firm like Nasdaq can't make it work, who can? Opinion for The Node newsletter.
Nasdaq’s decision to exit the crypto custody business before it fully entered is likely not enough to derail the increasingly positive sentiment in crypto. But it is nonetheless a blow, and one that portends that much of the industry might be on its way to nowhere if the current regulatory regime stays in place.
In a quarterly earnings call, Nasdaq CEO Adena Friedman said the firm pulled out because of “the shifting business and regulatory environment in the United States,” a line that crypto has. The company initially announced its custody plans in September alongside the formation of a new unit Nasdaq Digital Assets, to which the firm remains committed.
Notably, in February, the SEC voted to expand its existing regulations over all trading and lending firms by requiring them to keep customer assets with “qualified custodians,” meaning chartered bank or trust companies, SEC-registered broker-dealers or Commodity Futures Trading Commission derivatives merchants. Crypto speaks about the proposal as the
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