CFTC Chair Says Opponents of Crypto Regulation Proposals Foster Fraud

Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the proposed regulatory framework for crypto assets by the CFTC aims to establish a federal oversight system to protect exchange customers from fraud, manipulation, and the risk of theft of customer funds. He pointed out that critics opposing this regulatory measure are, in fact, supporting the status quo, which fosters the actions of fraudsters and manipulators, potentially leading to the emergence of the next Sam Bankman-Fried, endangering the American public.

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