CFTC Chair Michael Selig: Plans to Offer Exchanges a Federal Registration Option

TechFlow reported on October 30 that, according to Reuters citing a CNBC interview, CFTC Chair Michael Selig said while discussing the Binance hack that the CFTC hopes to provide a federal-level option for these exchanges to register with the CFTC.

Selig has previously stated that federal registration is a voluntary path for exchanges rather than a mandatory requirement, and that mandating registration of all crypto exchanges can only be achieved through congressional legislation; however, retail crypto trading involving margin, leverage, or financing would need to be subject to federal regulation.

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

Source: TechFlow