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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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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