U.S. Commodity Futures Trading Commission Chair Mike Selig said critics of the agency's proposed crypto regulation are effectively siding with fraudsters, manipulators, and predators. According to Foresight News, he said the proposal would create a federal regulatory framework designed to protect exchange customers from fraud, manipulation, and theft of customer funds, as seen in the FTX case.

Selig added that opponents who condemn the CFTC for introducing market-based regulation for crypto exchanges while supporting the status quo are, in his view, helping pave the way for another Sam Bankman-Fried to harm Americans.