Nasdaq, the world’s second-largest stock exchange, recently held a closed-door meeting with players from the cryptocurrency ecosystem and Wall Street to discuss legitimizing cryptocurrencies.

As first reported by Bloomberg, the secret meeting in Chicago saw industry representatives and Wall Street firms discuss the implication of cryptocurrency regulations, and what tools the industry needs to use to improve security and bolster the reputation of cryptocurrencies like bitcoin.

Citing an unnamed source, Bloomberg revealed cryptocurrency exchange Gemini was at the meeting. Notably, its founder Cameron and Tyler Winklevoss were behind the latest failed attempt to list a bitcoin ETF on a regulated stock exchange.

The US Securities and Exchange Commission (SEC) rejected the Winklevoss’ bitcoin ETF bid citing concerns over the underlying bitcoin spot markets, as it claims these are too prone to manipulation. As CryptoGlobe covered, the US Department of Justice (DOJ) launched a criminal probe into potential BTC price manipulation earlier this year.

Nasdaq has earlier this year revealed it’s helping various cryptocurrency exchanges use its market surveillance technology to curb potential money laundering and other illicit activities. The exchange has revealed it “would consider becoming a crypto exchange,” as its CEO Adena Friedman believes “digital currencies will continue to persist.”

As covered, Friedman also revealed she sees cryptocurrencies as “the right next step in the space of currency,” although it’s still unclear whether it’ll be bitcoin or another crypto being the first to reach mainstream adoption. She said:

How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that.

The CEO added she thinks “the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries” and supports an internet-based economy.

The world’s second-largest exchange is believed to be “in the early stages” of developing a bitcoin futures product that’s set to let institutional investors bet on the market in the long-term. The Chicago Mercantile Exchange (CME), which added BTC futures late last year, saw their volume grow 93% in the second quarter of this year.

Despite her stance on cryptocurrencies, Friedman is known for criticizing the unregulated nature of initial coin offerings (ICOs), which according to her take advantage of the lack of oversight.