The New York Stock Exchange (NYSE) has set its sight upon cryptocurrencies and non-fungible tokens (NFT) as it seeks to build an exchange where users will be able to buy, sell or trade these digital assets, Bloomberg reported. NYSE is also planning to roll out a NYSE-branded cryptocurrency, as per its regulatory filing with the U.S. Patent and Trademark Office dated February 10, 2022. The exchange told Bloomberg that it has no immediate plans to launch cryptocurrency or NFT trading but considers new products and their impact on its trademark regularly. What is NYSE? It is an American stock exchange which is also the world's largest stock exchange by market capitalisation. The total value of its listed companies stood at $27 trillion in 2021. NYSE’s reported plans to offer NFTs and launch its own crypto token affirms the growing interest of traditional financial organisations in crypto assets. What else does NYSE’s application entail? The application seeks to register NYSE's trademark for the metaverse as well by including virtual reality, augmented reality, and mixed reality software, Coin Telegraph reported. It remains to be seen how long it will take for NYSE to realise its plans and whether it will face any resistance from the US Securities and Exchange Commission (SEC). The US has no formal law at the federal level to regulate crypto asssets. However, several states have proposed and/or passed laws affecting cryptocurrencies and blockchain technology. There is no uniform approach. While states like Colorado and Montana have passed favourable regulations exempting cryptocurrencies from state laws,…
