MIAMI BEACH, Fla. — Nasdaq Chairman Tal Cohen said the U.S. Securities and Exchange Commission’s (SEC) changing approach to crypto regulation gives market operators more leeway to experiment with blockchain-based infrastructure and tokenized assets.
Speaking at Consensus in Miami on Wednesday, Cohen said the industry now feels it can “build back” again after years of regulatory uncertainty.
“Four years ago, the gray zone was a no-fly zone,” Cohen said. “The gray area now is we can build. We can gain some scale. We can experiment without maybe any setbacks.”
Cohen described a broader shift within financial markets toward “always-on” trading systems that operate almost around the clock and move money, securities and collateral faster than traditional infrastructure.
Nasdaq, which provides trading technology to more than 130 markets worldwide, is investing in blockchain infrastructure, tokenization and artificial intelligence as part of this transition, Cohen said.
“We are embracing two trends,” he said. “Always on market infrastructure” and “convergence” between traditional financial rails and digital asset systems.
Cohen said interoperability between these systems remains one of the biggest hurdles for the industry. Companies don’t want to operate separate infrastructures for traditional securities and tokenized assets, he said.
“Whether you’re in the existing world or the digital world, let me tell you, I’m bringing it all together for you so you get the benefits of both,” Cohen said.
He also highlighted a more collaborative stance from regulators.
“The SEC is much more constructive,” Cohen said. “It’s not even open-mindedness. It’s proactivity.”
Cohen said tokenization could eventually make it easier to move, finance and trade assets while giving issuers better insight into shareholders.
“It actually takes an asset and puts it in motion,” he said.
Nasdaq is also testing AI systems designed to simulate trading activity in a digital replica of its matching engine. Cohen said the technology could help exchanges test market stress scenarios and improve software reliability as markets move toward extended trading hours.
