Mike Selig, Chairman of the US Commodity Futures Trading Commission, stated that the proposed regulatory framework for cryptocurrency by the CFTC will establish a federal level regulatory system to protect exchange customers from fraud, market manipulation, and the risk of customer fund theft, and to prevent a repeat of the FTX crash. Mike Selig pointed out that the CFTC is working hard to introduce market-based regulatory mechanisms for cryptocurrency exchanges, and expressed that critics who oppose such measures may benefit fraudsters, manipulators, and those who embezzle customer funds, while warning that the lack of regulation may leave an opportunity for the next figure like Sam Bankman Fried.
