'Previously SEC Boss Gary Gensler has said the same thing.'
The collapse of the world's largest crypto exchange, FTX has once again opened the eyes of many to the need to impose regulatory controls on digital assets.
Now it's the turn of the head of NYSE Intercontinental Exchange Inc, Jeffrey Sprecher to voice the same thing by proposing that crypto assets be regulated by existing securities laws.
He commented during the Goldman Sachs Group financial conference that cryptocurrencies need to be regulated and managed like securities, and it could also open up opportunities for stock exchanges to switch to token trading.
Sprecher added that there is no need for new legislation to regulate crypto trading because existing laws are more than enough to guarantee the needs of the digital asset.
The current securities regulations, if applied, will provide more clarity not only to the flow of the crypto market, but also to the client's investment fund with the broker acting as a supervisor and the exchanger will be separated from the broker.
Sprecher also joked that Intercontinental Exchange Inc happened to be managing a securities exchange and welcomed the opportunity to move into token trading.
Previously, the Chairman of the Securities and Exchange Commission (SEC) Gary Gensler tried to impose regulatory controls on crypto tokens so that they are considered part of securities.
It is also an ongoing effort that is still being carried out to avoid the recurrence of the collapse of the Terra token (LUNA) and the latest, FTX.
