Reuters, citing a CNBC interview, reported that U.S. Commodity Futures Trading Commission Chair Michael Selig said the agency wants to offer crypto exchanges a federal-level option to register with the CFTC while discussing the Binance hack. Selig had previously said such federal registration would be a voluntary path for exchanges rather than a mandatory requirement. He also said any mandate requiring all crypto exchanges to register would need to come from Congress through legislation. At the same time, he drew a line around retail crypto activity involving margin, leverage, or financing, saying those transactions should fall under federal oversight. The CFTC on Oct. 5 issued an advance notice of proposed rulemaking on related retail crypto trading rules, with the public comment period set to run through Dec. 14. The remarks outline the agency’s current position on optional registration and the scope of federal supervision for certain retail crypto products.
Reuters, citing a CNBC interview, reported that U.S. Commodity Futures Trading Commission Chair Michael Selig said, while discussing the Binance hack, that the CFTC wants to give such exchanges a federal-level option to come in and register with the agency.
Selig had previously said federal registration would be a voluntary route for exchanges, not a mandatory requirement. He added that requiring all crypto exchanges to register could only be achieved through legislation passed by Congress.
He also said retail crypto transactions involving margin, leverage, or financing should be subject to federal regulation. On Oct. 5, the CFTC issued an advance notice of proposed rulemaking on related retail crypto trading rules, and the comment period runs through Dec. 14.
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