Tom Farley, the former president of the New York Stock Exchange (NYSE), is making bold moves in the cryptocurrency space. His latest venture? Potentially acquiring the bankrupt FTX exchange—a move that signals traditional finance's growing interest in digital assets.
Tom Farley's Crypto Ambitions
"Tom Farley led the NYSE for five years, then pivoted to SPACs before diving headfirst into crypto. Now, he’s eyeing FTX’s remains—a gambit that could reshape the industry."
Farley’s journey reflects the evolving relationship between legacy finance and decentralized technologies. After his tenure at NYSE, he ventured into SPACs (Special Purpose Acquisition Companies) and later took the helm at Bullish, a crypto exchange backed by blockchain giant Block.one.
Last month, Bullish acquired CoinDesk, a leading crypto news platform, further solidifying Farley’s foothold in the sector. Days later, he confirmed on CNBC that Bullish is considering a bid for FTX’s assets.
Why FTX?
Despite its collapse, FTX retains valuable assets:
- A 9-million-strong customer database
- Holdings in Bitcoin, Solana, and other cryptocurrencies
- Its native token, FTT, which surged 500% amid acquisition rumors
Bullish Exchange: A Regulatory-Compliant Contender
Bullish distinguishes itself with:
- Institutional-focused services (no retail trading)
- Deloitte-audited financials (though details remain scarce)
- Regulation under Gibraltar’s financial authority
However, skepticism persists. CoinGecko data shows Bullish’s actual 24-hour trading volume at $40 million**—far below its reported **$12 billion.
Farley’s Track Record
- NYSE Leadership (2013–2018): Launched Bitcoin indices, invested in Coinbase.
- SPAC Ventures: Raised $4B for fintech deals but faced pandemic setbacks.
- Bullish Takeover: Acquired Bullish via SPAC failure workaround—now CEO.
SEC Chairman’s Endorsement
Gary Gensler, SEC Chair, cautiously supports Farley’s FTX bid:
"Operate within the law. Build trust through transparency—no commingling funds or trading against customers."
FAQ Section
Q: Why would Tom Farley want FTX?
A: FTX’s user base and crypto holdings offer a shortcut to market dominance.
Q: Is Bullish truly compliant?
A: It claims to be, but independent audits are pending.
Q: Could this revive FTT’s value?
A: Speculation has already boosted FTT by 500%, but long-term viability depends on execution.
👉 Discover how institutional crypto trading is evolving
This article adapts original reporting from Forbes. Opinions expressed are the author’s alone.
### **Key SEO Elements**
- **Keywords:** FTX acquisition, Tom Farley, Bullish exchange, cryptocurrency regulation, institutional crypto
- **Structure:** H2/H3 headings, bullet lists, block quotes for readability.