U.S. Commodity Futures Trading Commission Chair Mike Selig said the CFTC's proposed crypto asset regulatory framework will establish federal oversight to protect exchange customers. Selig said the framework will protect customers from fraud, market manipulation and theft of customer funds, preventing another FTX collapse. Selig said the CFTC is working to introduce market-based regulatory mechanisms for crypto exchanges. Selig warned that the absence of such regulation could enable another figure like Sam Bankman-Fried.