Nasdaq is a financial services corporation that owns and operates the stock exchange platform, NASDAQ stock market that is ranked second in the list of stock exchanges based on its market capitalization of the shares traded. The platform has about 3500 listings with a market cap of $10 trillion.
The former Nasdaq CEO Robert Greifeld came forward, stating that it was a frustrating experience for the fintech industry to deal with the Washington D.C. regulators while he was in power. It was the time when Wall Street was looking forward to adopting the electronic trading platform.
Regulators working slower than erosion: Nasdaq CEO
Greifeld mentioned how the regulators operated at an overwhelming speed back in 2006, when he took control of Nasdaq, but since then, they have not changed. He trolled the regulators as well as the Securities and Exchange Commission’s (SEC) operating speed is slower than the rate of erosion.
Nasdaq was under his command at a time when the trading world witnessed the shift and increased in the speed with the introduction of electronic trading and the internet. The worst time faced by the stock exchange market was when the former SEC chairman William Donaldson decided to maintain the traditional scope of the New York Stock Exchange.
Delayed Bitcoin ETF decisions
This is not the only time when the SEC has worked like snails. At the beginning of the year, many cryptocurrency firms like Bitwise and VanEck applied for approval for a Bitcoin ETF application. The SEC repeatedly postponed the decisions on the topic, and eventually, the applications faced rejection.
According to a report by The Wall Street general, there are more than 30 cryptocurrency projects that are waiting for their broker-dealer licenses that will be given by the U.S. Securities.