ICE CEO：纽交所代币化推进中，投资Polymarket看重技术

I'm Tyler Kendall here at the CFTC, and I'm joined now by the chair and CEO of the Intercontinental Exchange, Jeff Sprecher. Mr. Sprecher, thank you so much for joining us here on Bloomberg. And you were there at the white House yesterday. Are you there with President Trump for this event, where he was really trying to push for the passage of the Clarity Act? I'm wondering if you can outline for me what would passage of clarity unlock for you?

Um, well, one of two things that would obviously provide legal certainty for areas that are now somewhat undefined. Um, but notwithstanding, uh, what the Congress is doing, we have been moving forward to try to tokenize the New York Stock Exchange, to try to extend its hours, to try to change its pricing model, um, under conventional law, so that we have a parallel track going on, um, in order to move our business forward.

Can you give us updates on those tokenization efforts? Um, it's with the, uh, sec right now, and, um, and it's making progress. This is this particular SEC wants to, uh, to not stifle innovation. Um, it's got a more challenging ruleset to deal with, uh, without the Clarity Act, but not not notwithstanding. There is a process there for innovation exemptions. The other side of this remit, of course, is prediction markets.

I found this quote from you. You've described prediction markets as having real economic utility. Do you see ice listing it's own of that contracts or is this purely about that data layer. Uh owning that like with Poly Market and then letting those platforms do the prediction market. A bit of both. We've long had markets where uh, uh, you're asking, uh, market participants, where do you think an index will settle, which in a, in a way is a prediction market.

Um, and uh, historically those have been very, um, obvious indexes that, uh, that define an industry. What, uh, the prediction markets have done is really drill down on very, very minor Manute, um, uh, localized, uh, ideas. And, uh, and I think that works better for those people because it's just a constant listing and delisting, um, of contracts, which is really not how my universe Wall Street operates. Can you give us an update on, uh, your relationship with Poly Market and just how it's going?

Um, sure. We have a great relationship. Um, we are an investor in it, and, uh, we partly invested in it because we were interested in their technology. Um, they are truly a blockchain based, uh, system. And, uh, we were hoping for technology transfer, which they've been helping us with. And at the same time, they had regulatory issues. They really needed to get, uh, uh, compliance in the United States. And we're long, uh, versed in how to do that.

And so there's been this mutual transfer of information. Um, we're not a venture capital firm. Um, we put money into it simply so that we had connectivity with them. And, uh, and in that regard, the investment itself has done well. But, uh, but it's really this underlying exchange of information that we are working on. Okay, so that might answer my next question, because Polly Market is looking to raise capital at a $20 billion valuation.

So I was wondering if you were going to add to your stake or keep it capped at, I think, 1.6 billion. Yes. We're in at 1.6 billion. We'll look at it. Um, if if it will help the round in order to have our immature on it. Uh, we always, uh, are interested. We've done two rounds with them, but the reality is we're not a venture firm. We're really here to, uh, to have this transfer of information and, uh, and expertise. I did want to ask you, because you're looking at creating a futures market when it comes to your AI compute power.

Why do you think that this is the right financial tool for lenders or these tech companies in the AI space to hedge against their costs? Um, it's a good question. First of all, um, the CFTC is going to do a broad, you know, information, uh, gathering about, uh, that very question to see where the whole industry is, which which will be interesting. We we are the world's electricity market. Um, I actually started the company to be an electricity exchange.

So it's it's it's in our DNA. And, um, and if you think about compute today, it's electricity and possibly chips on the input and then on the output, uh, these things called tokens, which is basically the way you pay for compute. Um, and so somewhere in that amalgamation, I suspect, is going to be trading and risk transfer, whether it's, uh, buying the inputs to the power plant and data center or whether it's buying the output, uh, how the models work.

Uh, I think is something that we will discover with the, with this, um, inquiry. Well, the CFTC chair just told me that he seemed rather, um, excited about this idea. So I'm curious, has he, um, have you gotten any indication when it comes to the the timeline for this? Have you had a push back, a timeline? When are you planning to if you get that regulatory approval to move forward? Yeah, we've announced that we intend to do this.

At the same time, the CFTC has announced that they want to do this survey. And so we think they're going to be relatively efficient and quick. Um, and it will mess with the timeline that we will have for launching. But we're also interested to see what the market thinks about these ideas. Um, you know, will the hyperscalers want to hedge or, you know, that's not historically where they go. We've seen, um, some of the hyperscalers and foundation model.

People are starting to advertise for trading, um, to get personnel in there. So, um, uh, it does feel like, you know, there's something to this, but, uh, I think we'll know, you know, within the next maybe 90, 120 days. Well, I was going to ask what type of clients have expressed the most interest. Um, it's everyday people. Honestly, it's, uh. Yeah, all about like, my company is, you know, had a zero budget for tokens for 2026, and now we're we're a big shop with most of the foundation models operating.

Our costs are going up. We're trying to figure out what's the return on investment. And every CEO I talked to and we talked to a lot of them because of the New York Stock Exchange is going through this process of, am I going to use one of these big, um, uh, foundation models? Am I going to use an open source model or open weight model? Um, am I going to which cloud am I going to be in? So those are all, you know, issues that the business is wrestling with right now.

And we're wondering, is there a way that we can help them by having a risk transfer through hedging if I trying to streamline this use of the day. We talk a lot about the I build out in Washington. We also talk a lot about the conflict in Iran. And whenever there's updates, um, the markets are just watching it so closely because when news breaks over the weekend or any events related to the energy markets, there is notable trading in these offshore platforms when it comes to 24 over seven oil futures.

What is your level of concern with these products and are you seeing any direct impact? Um, we're watching it closely. I thought maybe that's the political way to say it. Um, the the energy industry itself is not set up to trade on weekends. The banking system is closed. And so, um, if there is a high price spike up or down, um, there's just isn't the infrastructure right there to manage the risk on the weekends. So let's call it institutional money is not there yet for 24 by seven 365.

That said, part of what's going on, you know, underneath this is, is this movement towards blockchain, um, which is really just a rewiring of a banking system. It's really just the ability to move money on the internet, um, 24 by seven, 365. And I do think that, um, uh, that's either going to urge the banks and the fed to open the fed funds wire and keep it open around the clock, or we're going to have alternative rails through blockchain.

One of those two will happen. And when that happens, and I t