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U.S. CFTC Chairman Michael Selig said in a CNBC interview on the Binance hack that the agency will create an institutional option for cryptocurrency exchanges to come under federal-level regulation and oversight.
Selig added that when FTX collapsed, some exchanges were licensed at the state level but were not subject to federal market regulation. The CFTC is trying to introduce a market-based regulatory framework that includes protections against market manipulation and fraud, segregation of customer assets, and separation among broker, exchange and clearing functions, he said. While the agency does not have the authority to require all exchanges to register with the CFTC, it plans to let them choose a federal registration and regulatory regime.