Crypto will be regulated as securities — ICE boss and Senator Warren
Most cryptocurrencies are likely to be regulated as securities in the United States according to the CEO of Intercontinental Exchange Inc (ICE), 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 — confidently stated crypto assets are “going to be regulated and dealt like securities."
He argued this will ultimately result in far greater consumer protections and regulatory oversight of centralized exchanges and brokers:
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."
Crypto skeptic Senator Elizabeth Warren is working on a crypto bill that would reportedly give the Gary Gensler-led Securities and Exchange Commission (SEC) most of the regulatory authority over the crypto space.
According to a Dec. 7 report from online news outlet Semafor, which cited two unnamed sources close to the matter, Warren’s crypto bill is still in its early stages but aims to cover a host of issues including taxation, regulation, national security and climate.
Warren is said to be looking to impose regulatory obligations such as audited financial statements and bank-like capital requirements in particular.
While specific details on the bill weren’t disclosed, Alex Sarabia, a spokesperson for Warren confirmed with Semafor the
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