US CFTC Chair: Crypto Regulatory Framework Aims to Prevent FTX-Style Fraud, Opponents May 'Open the Door' for the Next SBF

BlockBeats news, October 9th - Mike Selig, the main opponent of the U.S. Commodity Futures Trading Commission (CFTC) or objectively maintaining the status quo, stated that the CFTC's proposed regulatory framework for crypto assets will establish a federal-level regulatory system to protect exchange customers from fraud, market manipulation, and theft of customer funds, avoiding a repeat of the FTX collapse.

Selig pointed out that the CFTC is working to introduce market-based regulatory mechanisms for crypto exchanges, while critics opposing these measures and supporting the status quo may objectively benefit fraudsters, manipulators, and those misappropriating customer funds.

He warned that the lack of corresponding regulation could leave an opportunity for the next figure similar to Sam Bankman-Fried.