U.S. CFTC Chair: The CFTC-proposed crypto regulatory framework aims to prevent FTX-style fraud and fund theft.

On October 9 that, according to disclosures by U.S. CFTC Chair Mike Selig on social media, the proposed crypto asset regulatory framework from the U.S. Commodity Futures Trading Commission (CFTC) will establish a federal regulatory structure aimed at protecting exchange customers from fraud, market manipulation, and customer fund theft similar to that witnessed in the FTX incident.

Mike Selig pointed out that ironically, critics oppose the CFTC’s efforts to introduce market-based regulation for cryptocurrency exchanges and advocate maintaining the status quo, which effectively aligns them with fraudsters, manipulators, and predators. This stance carries severe risks and could allow another Sam Bankman-Fried (SBF) to recklessly undermine the interests of the American public once again.