! ! BlackRock's "Amazing Plan"! !
BlackRock, along with Wall Street giants such as Morningside Securities, are dissatisfied with the many regulations of the New York Stock Exchange and Nasdaq, and have gathered support from all sides of Wall Street to build a new national stock exchange in Texas, named the Texas Stock Exchange TX
The CEO of the exchange clearly stated that the headquarters will be located in Dallas, and it has raised more than $120 million from individuals and large investment companies. They plan to submit registration documents to the U.S. Securities and Exchange Commission (SEC) this year, with the goal of starting matchmaking transactions in 2025, holding the first corporate listing in 2026, and welcoming the first listed product. Although it is still necessary to submit registration documents to the SEC, the mainstream market view is that with the two giants BlackRock and Morningside "escorting", which level will be difficult to pass? Of course, in addition to dissatisfaction with the complicated rules of existing stock exchanges, another reason for creating an exchange is the geographical changes in the US corporate landscape.
This is quite interesting. Many large companies are moving their headquarters to Texas for better tax rates or a more friendly regulatory environment. Now the number of Fortune 500 companies in Texas is equal to that of New York. For example, American Airlines is located in Texas. The new exchange also claims to be more CEO-friendly. Unlike Nasdaq and the New York Stock Exchange, which often increase compliance costs, it focuses on fully electronic trading and aims to provide a simpler and more convenient listing path for companies in the United States and around the world.
So what does this have to do with cryptocurrency? In fact, it is related. An extremely important character in the story, underwriting securities, has long been clear about its ambitions in the field of cryptocurrency. In June 2023, it established the EDX exchange with the support of Fidelity, Charles Schwab and other big names, which provides trading services for mainstream currencies such as Bitcoin and Ethereum for retail brokers. Their products never touch those altcoins that are recognized as securities by the SEC, nor do they directly control customer funds. They only provide a buying and selling market, allowing investors to place orders through brokers, just like traditional stocks follow the rules.
