Nasdaq Chair and CEO Adena Friedman: How Markets are Rapidly Evolving

Nasdaq Chair and CEO Adena Friedman took the stage at the 2025 All-In Summit, sharing her perspective on the forces reshaping global markets, from blockchain and AI to the balance between public and private capital.

In a wide-ranging conversation with hosts Chamath Palihapitiya, Jason Calacanis, and David Friedberg, Friedman highlighted the opportunities ahead, the risks to navigate, and the critical role of regulation and investor trust.

Here’s what she had to say on the future of markets:

1. Markets are Evolving Rapidly

“We are at an important inflection point in our industry – one that is evolving at the speed of technology. The accelerating adoption of blockchain in markets, the rise of private markets and private capital, the push toward always-on markets, and the integration of AI across every aspect of our industry all represent major opportunities, as well as risks to navigate thoughtfully."

Why it matters: Friedman outlines a sweeping vision for the future of finance, where blockchain, AI, and private capital are reshaping the landscape. Innovation brings opportunity — but also demands thoughtful leadership and global coordination to balance growth with investor protection.

2. Regulators are Supporting Modernization

“Having regulators who want to work on bringing blockchain into the mainstream and want to create the rules of the road is such a refreshing thing because it allows us all to understand how we can operate within a world where there are tenets of investor protection. Being forward thinking in how the technology is going to be applied is going to be critical. We're very excited about this regulatory convergence between the traditional markets and the digital markets so we can advance all markets.”

Why it matters: Strong, forward-looking regulation is key to the future of the financial ecosystem. Clear rules not only protect investors but also create the confidence needed for digital and traditional markets to thrive side by side.

3. A Stake in Our Growing Economy

"When a company goes public, they get access to billions of investors and every citizen in this country gets a chance to become an owner in the economy. And when we look at just the performance of the Nasdaq-100 over its 40 years of existence, the average annual return is 14.25% — it's an incredible return, double the market. It's so important to engage the population in the economy and the growth of the economy and the success of the economy.”

Why it matters: Public markets create broad-based opportunity — for companies seeking capital and for investors who want to participate in economic growth. The Nasdaq-100 Index’s long-term performance is proof of the wealth creation possible when markets are open to all.

4. Improving Access to Public Markets

“I've always believed in the balance between public and private markets. I think there are reasons for them both to thrive and be great for everyone. But the public market experience has become very daunting for CEOs and companies. We have talked very closely with the SEC and others about what we can do to lighten the load, so that it's not such a huge change. We've advocated for changes in disclosure reforms, proxy reform, litigation reform, and more. There's such a different existence. It shouldn't be so different.”

Why it matters: Going public remains one of the most important steps for growing companies, but today’s process is highly burdensome. Regulatory reforms could make public markets more attractive while preserving transparency and investor confidence.

5. The Rise of Index Investing

“The rise of index investing is making investing more accessible in general. It's a very inexpensive, very accessible and very liquid way to have a view into a sector or a return profile or a theme and not have to pick stocks. However, there's a balance between the passive and active world within the markets. And whenever it skews towards the passive, it creates arbitrage opportunities for the active. But the foundation of it is that the Nasdaq 100 or these innovative companies are performing the way they are for a reason. It becomes very difficult to beat the index because it’s hard to find companies that deliver a better return than they do.”

Why it matters: Index funds have opened markets to millions of new investors, but they also shift the balance between passive and active strategies. Friedman highlights the strength of the Nasdaq 100 as a benchmark — and the challenge of outperforming the companies driving it.

6. The Power of the American Economy

“I am a huge believer in the dollar as a reserve currency and the fact we will be persistent as a reserve currency. Our economy is such a powerhouse. I think that the rule of law and the stability that we have and that we deliver to the world is going to continue to provide that anchor for the dollar to be the reserve currency. But investors will express themselves if they see certain risks starting to manifest. The amount of debt that we have in the country is something that we're starting to see manifest itself in the markets. But fundamentally, I believe in the U.S., and I believe in the power of the U.S. economy to work its way through this."

Why it matters: Friedman expresses confidence in the dollar’s enduring role as the world’s reserve currency, backed by U.S. economic resilience and stability. But she also notes that mounting debt poses a real risk to long-term investor confidence 

Watch Adena Friedman’s full interview at the 2025 All-In Summit here.