According to PANews, a consortium backed by Wall Street heavyweights BlackRock and Citadel Securities is launching a new national securities exchange in Texas. The Texas Securities Exchange (TXSE) aims to challenge the regulatory environment of the New York Stock Exchange (NYSE) and NASDAQ. This move is designed to capitalize on growing dissatisfaction with the compliance costs of NASDAQ and the NYSE, offering a more CEO-friendly environment. A spokesperson for Citadel confirmed the company's investment in TXSE. Additionally, James H. Lee, Chairman and CEO of TXSE, confirmed the participation of both BlackRock and Citadel Securities in the project on his LinkedIn post.
Reports indicate that TXSE has raised approximately $120 million from investors. The company also plans to submit registration documents to the U.S. Securities and Exchange Commission (SEC) later this year. The company is expected to commence operations in 2025 and plans to go public for the first time in 2026.
The crypto community has warmly welcomed this latest development, especially considering BlackRock CEO Larry Fink's optimism about the potential of Bitcoin ETFs and tokenization. Following the launch of the iShares Bitcoin ETF in January, Fink highlighted the potential of ETFs to completely change all financial instruments.