Jeffrey Sprecher, CEO of Intercontinental Exchange, Inc., which owns the NYSE said Following the sudden demise of FTX, most cryptocurrencies will likely be regulated under existing securities laws.Traditional players like the New York Stock Exchange will move to tokenized trading. He added that it is possible.
“It will be regulated and treated like a security,” Sprecher said at a financial services conference by Goldman Sachs Group Inc.
“What does that mean? It means greater transparency, segregated client funds, oversight of brokers’ role as broker-dealers and separation of exchanges from brokers,” he added.
He emphasized that settlement and clearing will be separated from the exchange. Sprecher believes no new laws are needed to govern cryptocurrency trading. He continued, “I think the law is already there and will be enforced more strongly.”
US SEC Chairman Gary Gensler has claimed that he expects his agency to become the leading crypto regulator because he believes most crypto tokens are securities. Recently, Gensler also sharpens his stance PoS crypto as a security.
ICE’s Sprecher said, referring to the NYSE, “We happened to run a stock exchange, so we could see them doing tokenized trading.” He pointed out that it’s not that different from stocks, ETFs, or other securities.