CFTC Chair Ties the Binance Breach to His Exchange-Oversight Proposal — It Would Offer a Federal Option, Not Compel One
Photo: Forkast
CFTC Chairman Michael Selig did not treat the Binance breach as just another offshore security failure. On CNBC’s Squawk on the Street Friday, he read the approximately $6.3 billion hot-wallet drain as evidence for a framework the agency proposed weeks earlier. The breach, Selig told CNBC , “proves our exact point in proposing regulations for crypto markets earlier this month.” That framing puts the Oct. 5 advanced notice at the center of a live argument about where crypto exchange oversight comes from when Congress does not supply it. The proposal itself is narrower than the moment around it.
Source: Forkast
