Nasdaq Halts Crypto Custody Plans Amid Tough US Regulatory Environment
Adena Friedman, CEO of Nasdaq, the international securities marketplace, announced that the firm is postponing its cryptocurrency custody plans due to the United States’ “regulatory environment.” During a Q2 earnings call, Friedman disclosed that Nasdaq aimed to launch the service last quarter, but it has been put on hold.
In late March, Nasdaq unveiled its plans to introduce a crypto asset custody service. The company applied for a limited-purpose trust company charter from the New York Department of Financial Services.
Initially, it was reported that Nasdaq would provide custody for bitcoin (BTC) and ethereum (ETH), with plans to expand to additional cryptocurrencies. However, during a Q2 earnings call, CEO Adena Friedman stated that the project had been paused.
RFK Jr. Announces bold plan to back dollar with bitcoin, end bitcoin taxes
Speaking at a Heal-the-Divide PAC event, Democratic Presidential Candidate Robert F. Kennedy Jr. outlined specific Bitcoin-focused policies that he would enact as president, including gradually backing the U.S. dollar with bitcoin and making bitcoin profits exempt from capital gains taxes.
“My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin,” Kennedy said, describing his vision for returning to a hard currency standard in the U.S.
He added that, depending on the outcome of that initial step, he would increase that allocation annually.
This potential policy reimagines the financial system, pointing to a future where bitcoin’s absolute scarcity and sound monetary principles reinforce the U.S. dollar’s eroding position as the world reserve currency.
Tesla still holds $184 million of bitcoin
Tesla’s digital asset holdings remained unchanged at $184 million, despite the recent surge in the price of bitcoin. This is because accounting rules control unrealized gains on crypto from being recorded.
In February 2021, Tesla had bought $1.5 billion worth of Bitcoin, but sold about 75% of its stack in the second quarter of 2022, decreasing its total to $218 million.
Despite this, CEO Elon Musk has stated that the company is open to increasing its Bitcoin holdings in the future. It remains to be seen whether Tesla will select to add to its crypto investments in the coming quarters.
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