So here's what just went down—NASDAQ submitted a proposal to the SEC requesting expanded authority to reject companies from going public, even if they technically meet all the standard listing criteria. The catch? The exchange wants this power specifically when there are concerns about third-party misconduct tied to the applicant.

What does this mean? Basically, meeting the numerical requirements and compliance boxes won't guarantee you a spot anymore. It opens the door for regulators to dig deeper into background issues, partner behavior, or organizational red flags that don't fit neatly into existing rules.

This is a bigger deal than it sounds. For the blockchain and crypto space, it signals how traditional finance gatekeepers are tightening standards as the sector matures. If similar discretion spreads across exchanges, we could see more scrutiny on projects with questionable affiliations or sketchy advisory boards.