CFTC Chairman Michael Selig: Plans to Offer Federal Registration Option for Exchanges

on October 30, according to a Reuters report citing a CNBC interview, Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated when discussing the Binance hacking incident that the CFTC hopes to provide these exchanges with a federal-level option to register with the commission.

Selig previously noted that federal registration is a voluntary path for exchanges rather than a mandate, stating that requiring all crypto exchanges to register can only be achieved through congressional legislation; however, retail crypto trading involving margin, leverage, or financing must fall under federal oversight.

The CFTC issued an advance notice of proposed rulemaking on October 5 regarding relevant retail crypto trading regulations, with the comment period closing on December 14. As TechFlow previously reported, Binance experienced a security incident this week impacting approximately $6.3 billion in assets, which TRM Labs attributed to a North Korean hacking group.