Intercontinental Exchange CEO Jeffrey Sprecher reportedly said new laws are not needed for cryptocurrency trading.
“The laws already exist, and I think they’re just going to be implemented more strongly,” Sprecher said at a conference organized by Goldman Sachs Group, Reuters reported Tuesday (Dec. 6).
Intercontinental Exchange is the owner of NYSE.
Sprecher said that most cryptocurrencies will be regulated and treated like securities and that they are likely to fall under existing securities laws, according to the report.
“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,” Sprecher said. “The settlement and clearing will be separated from the exchanges.”
ICE did not immediately reply to PYMNTS’ request for comment.
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said in a Sept. 9 speech that he believes that the majority of cryptocurrencies are securities and that cryptocurrency trading platforms should comply with investor protection laws and be required to register with the SEC.
“Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities,” Gensler said during a speech delivered at an SEC Speaks event organized by the Practicing Law Institute. “Offers and sales of these thousands of crypto security tokens are covered under the securities laws.”
Gensler also supported giving more cryptocurrency oversight to the Commodity Futures Trading Commission .
“To the extent the Commodity Futures Trading Commission needs greater authorities with which to oversee and regulate crypto non-security tokens and related intermediaries, I look forward to working with Congress to achieve that goal, consistent with maintaining the regulation of crypto security tokens and related intermediaries at the SEC,” Gensler said in the speech.
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