Why did Tal Cohen say the SEC is helping crypto firms “build” again?

Cohen said the US Securities and Exchange Commission has become more constructive toward crypto and blockchain experimentation compared with previous years. He argued firms now feel more comfortable testing tokenisation, blockchain infrastructure and digital asset products without immediate regulatory pushback.

What does Nasdaq mean by “always on” financial markets?

“Always on” markets refer to trading systems that operate nearly 24 hours a day instead of following traditional exchange schedules. Cohen said future infrastructure will move securities, collateral and money faster and more continuously through blockchain-enabled systems.

Why is Nasdaq investing in blockchain and tokenisation?

Nasdaq Inc. sees tokenisation and blockchain infrastructure as part of the next evolution of financial markets. Tokenised assets may improve settlement speed, liquidity and operational efficiency across trading systems.

What is tokenisation in financial markets?

Tokenisation converts traditional financial assets such as stocks, bonds or funds into blockchain-based digital representations. This can make assets easier to transfer, trade and settle while potentially reducing infrastructure costs.

Why does interoperability matter for tokenised finance?

Cohen said financial firms do not want separate systems for traditional securities and blockchain-based assets. Interoperability allows both systems to work together, making adoption easier for banks, exchanges and institutional investors.

How could the SEC’s changing crypto stance affect the market?

A more supportive regulatory approach could encourage exchanges, banks and fintech firms to invest more heavily in digital asset infrastructure. Clearer rules may also reduce legal uncertainty that previously slowed institutional adoption.

What role is artificial intelligence playing at Nasdaq?

Nasdaq is testing AI systems that simulate trading activity within digital replicas of exchange infrastructure. Cohen said this could help stress-test markets, improve software reliability and support extended trading hours.

Why are traditional exchanges becoming interested in crypto infrastructure?

Exchanges see blockchain systems as a way to modernise settlement, reduce operational friction and support tokenised financial products. Many firms also want exposure to growing institutional demand for digital asset services.

Nasdaq says SEC shift revives crypto building

Written by Jon CuthbertPublished May. 7 2026

Nasdaq Inc. president Tal Cohen said the US Securities and Exchange Commission’s changing stance on crypto regulation is giving financial firms greater confidence to develop blockchain-based infrastructure and tokenised assets.

Speaking during the Consensus 2026 conference in Miami Beach on Wednesday, Cohen said the industry now feels it can “build” again after years of regulatory uncertainty surrounding digital assets.

“The gray zone four years ago was a no-fly zone,”

Said Tal Cohen, adding:

“The gray zone now is we can build. We can gain some scale. We can experiment without maybe any brush back.”

Cohen said financial markets are increasingly shifting toward “always on” infrastructure that operates nearly around the clock while moving securities, collateral and capital more efficiently than traditional systems.

He said Nasdaq Inc., which provides trading technology to more than 130 global markets, is investing in blockchain infrastructure, tokenisation and artificial intelligence as part of that transition toward digital finance convergence.

“The SEC is much more constructive,”