The CEO of NYSE-owner Intercontinental Exchange, Inc., Jeffrey Sprecher stated that most cryptocurrencies will likely be regulated under existing securities laws following the sudden collapse of FTX. Traditional players like the New York Stock Exchange may move into tokenized trading, he added.
During a financial services conference by Goldman Sachs Group Inc, Sprecher said, “They’re going to be regulated and dealt 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,” he added.
He emphasized the settlement and clearing will be separated from the exchanges. Sprecher believes that new laws are not needed to govern cryptocurrency trading. He went on to say, “the laws already exist and I think they’re just going to be implemented more strongly.”
US SEC Chair Gary Gensler has advocated that he expects his agency to be the primary crypto regulator because he considers most crypto tokens to be securities. Recently, Gensler also sharpened his stance on PoS crypto as securities.
ICE’s Sprecher said, referencing the NYSE, “We happen to run a securities exchange, so I could see us doing tokenized trading.” He pointed out that it’s not that different from a stock or an ETF or any other security.
