As an analyst with over two decades of experience in the financial industry, I have witnessed the evolution of the digital asset market from its infancy to its current maturity. The impending Nasdaq listing of Coincheck, a subsidiary of Monex Group, is a significant milestone that underscores the growing acceptance and integration of cryptocurrencies into mainstream finance.
Based in Tokyo and owned by Monex Group, the cryptocurrency platform Coincheck may be the first to start trading on the Nasdaq Global Market as soon as December 10th.
On November 13th, the U.S. Securities and Exchange Commission granted approval for the exchange to be listed on the Nasdaq.
This transaction, which involves a merger with Thunder Bridge Capital Partners (TBCP), represents a groundbreaking event as it will mark the initial listing of a Japanese cryptocurrency exchange on an American stock market.
By joining forces with TBCP, a specific type of company known as a Special Purpose Acquisition Company (SPAC), Coincheck will continue to be a streamlined subsidiary within the Monex Group following its public listing. This union could also inspire other Japanese cryptocurrency exchanges to consider similar strategic alliances.
SEC application approval
After submitting a Form F-4 registration on November 7th, the crypto exchange based in Japan received approval from the SEC on November 12th.
Following the approval from the SEC, TBCP is now able to move forward with a shareholder vote scheduled for December 5th. This vote aims to confirm and finalize the business combination, an essential requirement before the listing process can continue.
Should the shareholders approve, the merger with TBCP will be finalized, paving the way for Coincheck’s official listing on the Nasdaq exchange. Starting from December 10, shares of Coincheck can be traded using the ticker symbol CNCK.
Nasdaq listing implications
This potential Nasdaq listing could mark a substantial advancement for both Japan and the United States. Should the merger come to pass, it would strengthen global financial market interconnectedness, possibly encouraging additional Japanese cryptocurrency platforms to seek listings on international stock exchanges.
The listings might encourage more foreign cryptocurrency businesses to enter the U.S. market, thereby strengthening America’s presumed supportive regulatory environment towards crypto under President-elect Donald Trump’s upcoming administration.
SEC influence over crypto
The U.S. Securities and Exchange Commission (SEC) has significantly influenced the cryptocurrency sector by closely monitoring digital assets, trading platforms, and related companies. This oversight includes delivering numerous warnings or “Wells notices” to entities that may be violating securities laws.
In a conversation with CryptoMoon during Devcon 2024 held in Thailand, ConsenSys CEO Joe Lubin voiced his concerns over the Securities and Exchange Commission (SEC) for stifling creativity within the cryptocurrency sector.
Consensys likewise penned an open missive to the incoming U.S. president, advocating for favorable guidelines regarding cryptocurrency and Web3. This viewpoint was similarly voiced by Lubin at Devcon 2024, where he expressed optimism about a seamless shift in the leadership of the Securities and Exchange Commission (SEC).
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2024-11-13 15:31