$ETH : Binance Hack Shows Why Offshore Exchanges Need US Oversight, CFTC Chair Says
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CFTC Chairman Michael Selig told CNBC the $6.4 billion Binance hack “proves our exact point” for the crypto-market rules the agency proposed this month. Selig characterized the attack as a laptop-introduced vulnerability rather than a blockchain flaw—but Binance has since found “additional points of breach.”
The CFTC chair cast on-chain traceability as a regulatory advantage. The record-breaking hack of Binance is exactly why offshore crypto exchanges need U.S. oversight, CFTC Chairman Michael Selig argued, using the roughly $6.4 billion theft to press the agency’s case for a federal rulebook.
Speaking to CNBC on Friday, Selig said the breach “proves our exact point” behind the crypto-market regulations the agency proposed earlier this month.
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© Decrypt
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CFTC Chairman Michael Selig told CNBC the $6.4 billion Binance hack “proves our exact point” for the crypto-market rules the agency proposed this month. Selig characterized the attack as a laptop-introduced vulnerability rather than a blockchain flaw—but Binance has since found “additional points of breach.”
The CFTC chair cast on-chain traceability as a regulatory advantage. The record-breaking hack of Binance is exactly why offshore crypto exchanges need U.S. oversight, CFTC Chairman Michael Selig argued, using the roughly $6.4 billion theft to press the agency’s case for a federal rulebook.
Speaking to CNBC on Friday, Selig said the breach “proves our exact point” behind the crypto-market regulations the agency proposed earlier this month.
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© Decrypt
