Nasdaq CEO: Money laundering is a $3T problem

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A report was recently released by Nasdaq on the state of the world's financial system, detailing financial fraud and various other activities. Nasdaq (NDAQ) CEO and President Adena Friedman joins Yahoo Finance's Julie Hyman and Brian Sozzi from the World Economic Forum in Davos, Switzerland to discuss the report, spot Bitcoin ETFs, outlook for Nasdaq, AI, and more. Financial fraud ""If you look at the problem that we're dealing with, we're dealing with money laundering and financial fraud. And it is a $3 trillion problem in terms of money that's laundering through the system and about a $500 billion issue with fraud. Those are just staggering statistics,"" Friedman said. ""And then what we did was we broke it down into different types of money laundering activities, whether that's human trafficking or terrorist activity. And then in fraud you look at things like romance scams versus elderly abuse. And so you see these different human tragedies kind of playing out in the data. And that's one of the things that we try to do is bring the data and the analytics as to how big this problem was."" Spot Bitcoin ETFs ""I don't think spot ETFs for crypto, for bitcoin necessarily is going to create any sort of new challenges. I think what that's saying is really more that the evolution of the crypto market, and particularly the Bitcoin market, is such that the underlying price formation is to the level that the SEC is willing to allow retail investors to invest in a security that's a

Published 2024-01-16 · Watch on YouTube ↗
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