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Why CFTC's Federal Option for Centralized Exchanges Just Got Harder to Ignore
Commodity Futures Trading Commission (CFTC) Chairman Michael Selig's voluntary "federal option" for exchanges has a new selling point.
An attacker drained about $6.36 billion from Binance in roughly 20 minutes this week, TRM Labs says, and no federal rule stood in the way. Three weeks ago, the option was a policy footnote. Today it is the only federal answer to the question every exchange customer is asking.
What the CFTC Federal Option Actually Offers Centralized Exchanges Selig pitched the plan on earlier in the month, after Congress stalled the Clarity Act, the bill that would have forced every exchange to register with his agency. Without that law, he cannot compel anyone. So the CFTC published a proposed crypto rulebook and left the door open.
