Most Cryptos Should Be Regulated as Securities, Says CEO of NYSE Owner ICE

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NEW YORK, Dec 6 (Reuters) – Most cryptocurrencies are likely to be regulated by existing securities laws after the collapse of crypto exchange FTX, and traditional players like the New York Stock Exchange could pass to tokenized trading, the head of NYSE owner Intercontinental Exchange Inc (ICE.N) said on Tuesday.

“They’re going to be regulated and treated like securities,” ICE Chief Executive Jeffrey Sprecher said of cryptocurrencies at a financial services conference hosted by Goldman Sachs Group Inc (GS.N ).

“What does this mean? It means more transparency, it means separate client funds, the role of the broker as a broker will be to oversee and exchanges will be separated from the brokers. Settlement and clearing will be separated Exchanges .”

FTX, one of the world’s largest crypto exchanges, filed for bankruptcy in November after roughly $6 billion was withdrawn in 72 hours as rival crypto platform Binance pulled out of a bailout deal and the FTX founder was accused of funneling customer deposits to FTX’s affiliate trading company. .

Sprecher said he’s not convinced new laws are needed to govern cryptocurrency trading.

“The laws already exist and I think they’re just going to be enforced more firmly,” Sprecher said.

U.S. Securities and Exchange Commission Chairman Gary Gensler has said he expects his agency to be the primary regulator of cryptocurrency because he considers most crypto tokens to be cryptocurrency. securities.

“We happen to run a stock exchange, so I could see us doing token trades,” ICE’s Sprecher said, referring to the NYSE. “It’s not that different from a stock or an ETF or any other security.”

Reporting by John McCrank; Editing by Richard Chang

Our standards: The Thomson Reuters Trust Principles.

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