Nasdaq President Tal Cohen delivered a clear message at the Consensus conference in Miami Beach: the U.S. Securities and Exchange Commission’s (SEC) softened stance on crypto regulation has created a new environment where market operators can finally move from speculation to practical development. In remarks reported by multiple outlets, Cohen described a regulatory shift that he said is dramatically reducing the uncertainty that once paralyzed innovation in digital assets.
Cohen noted that under the SEC’s previous posture, the ‘gray zone’ of unclear rules acted as a ‘no-fly zone,’ effectively chilling investment and experimentation. ‘The gray zone now is we can build, we can gain some scale,’ he stated, contrasting it with the current climate. ‘The SEC is much more constructive, it’s proactive.’ He highlighted that regulators are now engaging earlier and more openly with market participants, enabling firms to test blockchain infrastructure and tokenized assets with less fear of immediate pushback.
Nasdaq, which provides trading technology to over 130 markets globally, is responding by increasing its investment in blockchain, tokenization, and artificial intelligence. Cohen sees these technologies as central to a broader shift toward ‘always-on’ capital markets. He described a vision where traditional financial rails converge with digital asset systems, moving assets and collateral faster and more efficiently. Tokenization, he said, ‘takes an asset and puts it in motion,’ offering potential benefits like improved liquidity, faster settlement, and greater transparency for issuers.
Interoperability between legacy and blockchain-based systems remains a major challenge, Cohen acknowledged. However, he stressed that Nasdaq is actively building and testing solutions to integrate both worlds. The exchange is also using AI inside digital replicas of its matching engine to simulate stress scenarios and support extended trading hours, further demonstrating its commitment to modernized infrastructure. Cohen’s comments underscore a pivotal moment: with a more constructive regulatory tone, mainstream institutional adoption of blockchain technology may be set to accelerate.
