Jeffrey Sprecher, the CEO of ICE says crypto will be regulated as securities as new details emerge of Senator Elizabeth Warren's draft bill that would see crypto regulated by the SEC.
Most cryptocurrencies are likely to be regulated as securities in the United States according to the CEO of Intercontinental Exchange Inc , Jeffrey Sprecher, and Senator Elizabeth Warren.
The renewed focus on regulating cryptocurrencies as securities comes in light of FTX’s recent implosion, which wiped countless billions from the market, put consumer funds in limbo and soured crypto’s reputation among regulators and officials. Speaking on Dec. 6 at the financial services conference by Goldman Sachs Group Inc, Sprecher — whose ICE operates the New York Stock Exchange — confidentlyHe argued this will ultimately result in far greater consumer protections and regulatory oversight of centralized exchanges and brokers:
"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." Sprecher also argued new regulation was not necessarily required for crypto as the legal frameworks are already there in terms of securities and they are “just going to be implemented more strongly."
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