Jeffrey Sprecher: "Cryptocurrencies should be regulated as securities"

17.06.2023, 15:12
Jeffrey Sprecher, CEO of the NYSE Intercontinental Exchange Inc (ICE) stock exchange operator, believes that the regulation of cryptocurrencies as securities will give the best protection to customers.
Jeffrey Sprecher:

During a conference on financial services organized by the financial conglomerate Goldman Sachs, Jeffrey Sprecher stressed that all the necessary laws and requirements for investor protection already exist. You just need to equate cryptocurrencies with securities and this will give protection to clients of cryptocurrency platforms and reduce the level of fraud in this area.

"They will be regulated as securities, and they will be treated that way. What does it mean? This means transparency, separation of client funds, separation of broker-dealers and exchanges. Settlements and clearing will be separated from cryptocurrency exchanges," Sprecher stressed.

Regulators' attention to the cryptocurrency industry has increased significantly after the collapse of the FTX exchange and Sprecher offered the easiest way out of the situation. He noted that there is no need for new laws, because there is already high-quality regulation:
"We manage the stock exchange, and tokenized assets are traded on it. It's not that much different from trading stocks, ETFs, or any other securities."

Earlier, Ripple CEO Brad Garlinghouse said that regulators should make the existence of schemes like FTX impossible.

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