CFTC Chairman Michael Selig argued that the roughly $6.4 billion Binance theft demonstrates why offshore crypto exchanges need US regulation. Selig advocated allowing offshore exchanges to register with the agency and meet US cybersecurity standards. Selig attributed the attack to a vulnerability Selig believed originated on a laptop, but Binance said investigators had found additional breaches. Binance allocated $6.34 billion to cover losses and assured users that user assets were safe. The Secret Service and FBI have begun an investigation.