According to reports, Intercontinental Exchange Inc. (ICE), the head of NYSE parent company NYSE, has stated that the collapse and subsequent reorganization of the FTX exchange could have a lasting impact on the regulation of the crypto market.
A recently published report by Reuters shows that ICE CEO Jeffrey Sprecher believes that almost all crypto assets will be regulated by US securities laws. This is after the collapse of one of the largest crypto exchanges in the world.
FTX filed for bankruptcy after its traders withdrew $6 billion in three days, leaving the Bahamas-based exchange insolvent. Former CEO Sam Bankman Fried, the founder of the company, is being accused of fraud. In addition, he was accused of using customers’ money to fund Alameda Research.
At a Goldman Sachs Group conference on financial services, Sprecher said the following:
They will be regulated and treated like securities. What does this mean?
Clearing and settlement will be separate from the exchanges.
Sprecher believes that it is unnecessary to create new laws to regulate crypto trading.
“The laws are already in place and I believe they will be applied more strongly.”
Former Microstrategy CEO Michael Saylor, a Bitcoin advocate, echoes the belief that many altcoins can be considered securities. He states in an interview with the PDB Podcast that the leading smart contract platforms Ethereum (ETH), Solana (SOOL), and XRP are some of the cryptocurrencies being sold as unregistered securities.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
