CFTC and US Lawmaker Offer Two Different Answers to Binance’s $6.3B Hack

A $6.3 billion crypto heist has handed Washington a fresh regulatory fight. One federal watchdog wants exchanges to volunteer for oversight, while a Republican senator argues Congress already missed its chance to give the industry stronger defenses against thieves. The Oct. 29 Binance breach, reportedly involving around $6.3 billion in stolen cryptocurrency, has become an unlikely catalyst for two competing regulatory arguments. Both promise better protection, but they take distinctly different routes through Washington. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig used an Oct. 30 CNBC interview to advocate voluntary federal registration for cryptocurrency exchanges, including offshore platforms such as Binance. Selig emphasized: His proposal would let eligible exchanges enter a federal supervisory framework covering cybersecurity, market manipulation, customer protections, and custody safeguards. The catch?

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