Nasdaq, the world’s second-largest stock exchange, may be taking significant steps toward offering direct trading of Bitcoin and other cryptocurrencies.
While no official announcement has been made, recent developments indicate the exchange is exploring ways to incorporate digital assets into its core offerings. Currently, traditional platforms like Nasdaq only support crypto-linked derivatives such as ETFs—not actual cryptocurrencies like Bitcoin or Ethereum that users can deposit or withdraw.
A Push for Regulatory Clarity
The clearest sign of Nasdaq’s potential direction came recently in the form of an open letter sent by John A. Zecca, the company’s Executive Vice President and Global Head of Legal, Risk, and Regulatory Affairs. Addressed to SEC Secretary Vanessa Countryman, the letter calls for definitive guidance on how cryptocurrencies should be classified—whether as securities, commodities, or otherwise.
Zecca’s message was prompted in part by recent remarks from SEC Commissioner Hester Peirce, often nicknamed the “Crypto Mom,” who emphasized the importance of a clear taxonomy for digital assets. According to her, understanding the fundamental nature of these assets is crucial for proper legal and financial classification.
Zecca agreed and stressed the need for cooperation among Congress, the SEC, and industry stakeholders. He confirmed that Nasdaq is prepared to assist the SEC with any regulatory considerations going forward.
Nasdaq’s Vision: A Digital Trading Framework
The core of Nasdaq’s proposal is a comprehensive new framework to integrate crypto trading within the existing financial system. One of its key features includes categorizing cryptocurrencies into four distinct groups: financial securities, investment contracts, commodities, and a miscellaneous “other” category.
The plan also introduces the idea of a specialized trading venue—tentatively named “ATS-Digital” or “ATS-D”—that would enable traditional exchanges to offer direct crypto trading in a secure and compliant manner.
A Shifting Landscape in Washington
Historically, the SEC has been reluctant to embrace such initiatives, especially during the Biden administration. However, under the current Trump administration, the regulatory climate appears more receptive to innovation in the crypto space.
Congress, which has been working on digital asset legislation for some time, may now be more inclined to collaborate with financial institutions and industry leaders to advance these efforts. Still, progress could be hindered by a lack of technical knowledge among lawmakers.
To bridge that gap, contributions from knowledgeable entities like Nasdaq and major crypto platforms such as Coinbase are expected to play a vital role in shaping the eventual regulatory framework.
What’s Next?
Though challenges remain and no timeline has been set, the mere involvement of a major player like Nasdaq could tip the scales in favor of broader acceptance and integration of crypto trading in traditional finance.
Should these proposals gain traction, it would mark a major turning point for digital assets in the U.S.—one that could finally open the doors for widespread crypto adoption on Wall Street.