#Market Structure

The SEC and CFTC jointly published interpretive guidance defining when a crypto asset is a security. Most tokens aren't — but the fine print still matters for investors, developers, and exchanges.

Bullish, an institutional-only crypto exchange, surged past Coinbase in spot trading volume in February—even as the broader market cooled. What's driving the shift, and what does it mean for where crypto is heading?

Nasdaq launches full operations of its Texas exchange, breaking New York's century-old monopoly on US trading. What does this geographic shift mean for trading costs and market structure?

Nasdaq proposes expedited listing rules for large companies, potentially reshaping IPO markets and investor access. Here's what institutional investors need to know.