U.S. Chamber of Digital Commerce Writes to Congress, Urging Legislation to Authorize CFTC Regulation of Crypto Exchanges

On October 31, according to an open letter from The Digital Chamber, its CEO Cody Carbone sent a letter to congressional leadership on October 30 local time, citing the theft of approximately $6.3 billion from Binance as grounds to urge Congress to pass specialized legislation before the current session ends.

The letter calls for granting the CFTC registration, inspection, and enforcement authority over U.S. digital commodity exchanges, mandates the segregation of customer assets from corporate assets, ensures the protection of customer assets in bankruptcy, and establishes baseline security standards.

Additionally, U.S. Senator Lummis stated on X that the Clarity Act would provide legal protection for crypto companies, enabling them to immediately freeze suspicious transactions upon receiving notice from law enforcement authorities.