Senator Warren’s Bill Imposes New Obligations on Crypto Firms

• Senator Elizabeth Warren, a crypto skeptic, is working on a crypto bill.
• The bill’s aims include taxation, regulation, national security, and climate.

According to the CEO of Intercontinental Exchange Inc (ICE), Jeffrey Sprecher, and Senator Elizabeth Warren, most cryptocurrencies are likely to be regulated as securities in the United States. Sprecher, whose ICE oversees the New York Stock Exchange, asserted confidently on Dec. 6 at the Goldman Sachs Group Inc financial services conference that crypto assets are “going to be regulated and transacted like securities.”

ICE Chief Executive Jeffrey Sprecher added:

 What does that mean? 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. The settlement and clearing will be separated from the exchanges.

Sprecher also noted that additional regulation isn’t always necessary for crypto because the legal frameworks for securities are already in place and are “simply going to be implemented more severely.” 

No Specifics on the Bill Disclosed

Senator Elizabeth Warren, a crypto skeptic, is working on a crypto bill that would give the Securities and Exchange Commission (SEC), chaired by Gary Gensler, the majority of regulatory authority over the crypto industry. Warren is claimed to be interested in imposing regulatory duties, such as audited financial statements and bank-like capital requirements.

Earlier, MicroStrategy founder and Bitcoin maximalist Michael Saylor have called for the shutdown of all crypto assets other than BTC, claiming that they are “committing securities fraud.” And also, Saylor maintained his belief that Ripple, ETH, and Solana are all unregistered securities because they were issued and controlled by centralized institutions.