CEO Of ICE: Crypto Assets Are Going To Be Regulated And Dealt Like Securities
Jeffrey Sprecher, CEO of Intercontinental Exchange Inc (ICE), predicts that the majority of cryptocurrencies will be treated as securities in the US, according to a Reuters report.
Sprecher, whose ICE runs the New York Stock Exchange, asserted confidently on December 6 at the financial services conference by Goldman Sachs Group Inc. that crypto assets are going to be regulated and transacted like securities.
“What does that mean? It means more transparency, it means segregated client funds, the role of the broker as a broker-dealer will be overseeing and the exchanges will be separated from the brokers. The settlement and clearing will be separated from the exchanges.”
In light of FTX‘s recent collapse, which wiped out uncountable billions from the market, left customer funds in limbo, and damaged crypto’s reputation among regulators and officials, there is a renewed focus on regulating cryptocurrencies as securities.
Sprecher asserted that the legal frameworks for securities already exist and will just be implemented more strongly, so new regulation is not necessarily necessary for cryptocurrencies.
As Coincu reported, Senator Elizabeth Warren, a vocal opponent of cryptocurrencies, is also working on a bill that would give the Securities and Exchange Commission (SEC), headed by Gary Gensler, the majority of the regulatory power over the industry.
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