Cryptocurrency and Securities

Currently bitcoin is the only crypto in crypto to be deemed a commodity by the cftc and the scc it seems it has the green light but we cannot say the same right now for any other major crypto including aetherium. Ice's ceo jeffrey sprecher thinks that most cryptos should be classified as securities or in other words fall in the same category as stocks bonds shares and etfs. According to the american this could bring more transparency into the crypto industry and separate the platform from the brokers quitting him here what does that mean? It means segregated client funds  the role of the broker as a broker dealer will be overseeing and the exchanges will be separated from