Lynn Martin, President of the New York Stock Exchange (NYSE), indicated that they would consider offering crypto trading services if there is clear regulatory guidance for such expansion.

During a panel at Consensus 2024 in Austin, Texas, Martin remarked, “If there was clear regulatory guidance [in the US], it would be an opportunity to look at.” She also noted that US-listed spot Bitcoin ETFs have amassed over $59 billion in total assets, highlighting strong demand for regulated products.

In a discussion with Tom Farley, CEO of crypto exchange Bullish, Martin pointed out the increasing integration of traditional financial markets with digital assets. However, they emphasized that regulatory uncertainty continues to hinder innovation in the industry. Martin commented, “The fact that you’ve seen $58 billion or so come to the ETFs has been a strong sign that the market is looking for regulation in traditional structures. So, hopefully, the [U.S. Securities and Exchange Commission] saw the inflows and said, ‘Hey, this makes a lot of sense,’ considering bitcoin ETFs have been a tremendous success.”

Meanwhile, the NYSE's competitor, the Chicago Mercantile Exchange (CME), is planning to launch a spot crypto trading facility for its clients.

Shift in Crypto Approach in the US

Farley highlighted the rapid shift in the US political landscape towards crypto, mentioning events such as the removal of the anti-crypto chair of the Federal Deposit Insurance Corp (FDIC), the approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House, and the support for crypto by Republican presidential frontrunner Donald Trump. He said, “Five years of evolution happened in five minutes. I’m really optimistic about what it means in this country. I think, just like in Europe, just like in Hong Kong, you’re going to have regulators codified, ‘Hey, what’s your reasonable digital assets industry look like’. You’re gonna see progression in 2024 and 2025, irrespective of whether or not it’s Trump or Biden or Michelle Obama [will be president].”

Martin also expressed optimism about blockchain’s potential to improve efficiency and transparency in financial operations, particularly in processes involving less liquid assets like municipal bonds.