Trump Reviews Binance Attack as CFTC Chair Urges Crypto Oversight

President Donald Trump said Oct. 30 he was reviewing the reported $6.3 billion Binance hack, while Commodity Futures Trading Commission Chair Michael Selig pressed for stronger oversight of crypto markets. Trump added that Binance had pledged to compensate affected users. Selig described Binance as an offshore exchange outside federal U.S. regulation, with fewer protections than those available in U.S. financial markets. He said the incident underscored the need for stronger crypto oversight. Republican Sen. Cynthia Lummis said the proposed CLARITY Act could give crypto companies legal protection when freezing suspicious transactions. Whether the measure would require a court order to freeze assets remains disputed. On Oct.

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