Most cryptocurrency will be regulated as securities in the United States, according to Senator Elizabeth Warren and  Jeffrey Sprecher, the CEO of International Exchange  Inc (ICE (NYSE:ICE)). Anti-crypto Senator has been working towards cryptocurrency bill and this has made the US Security and Exchange Commission authority for asset class.

A range of crypto-related issues were worked upon by Democrat Senator, according to reports, these sources will include all the areas in which cryptocurrency will be speculated, such as taxation, climate, regulations and national security.

In the wake of the collapse of big crypto firms, Warren has accelerated her work as she firmly believes that crypto aids the intentions of criminals to evade taxes and launder money. She also asserted that the asset class is for doggy people and defaulters by calling crypto “the new shadow bank”.

The new proposed bill with an array of potential regulations will make it difficult for the retail traders to invest in crypto.

The bill will enure crypto exchange and broker-dealers to comply with sharing audited financial statements. And withstand financial socks, the framework will impose bank-like capital requirements.

On Dec 6, Jeffery, at a financial service conference at the Goldman Sachs Group Inc claimed that crypto assets are “going to be regulated and transacted like securities.” 

ICE Chief Executive Jeffrey Sprecher further opined, “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.”

The new will make sure that the customer’s fund wont get invested somewhere else by the crypto companies, the same protocol that banks follow.