CFTC Chairman Michael Selig told CNBC the breach "proves our exact point" behind crypto-market rules the agency proposed this month, arguing unregulated offshore exchanges lack U.S.-style safeguards and should be able to register with the CFTC under a "federal option." Selig called the exploit a laptop-introduced vulnerability, not a blockchain flaw, though Binance says it found "additional points of breach." He cited on-chain traceability as a regulatory advantage. Binance set aside $6.34 billion; the FBI and Secret Service are probing, with TraderTraitor implicated.

AI summary of the linked source — not editorial content.

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7 accounts

2 reports
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Leviathan +5.3 h later

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Thread · 8 of 15 events · started 23 Jun 06:37 · last update 30 Oct 23:30
  1. ReactionCrypto commentators argue the failed CLARITY Act vote was followed by more favorable SEC and CFTC action7 acc.
  2. UpdateCFTC chair says agency will use its authority to advance crypto oversight despite CLARITY Act stall12 acc.
  3. UpdateCFTC chair says agency will deliver crypto rules with or without Congress6 acc.
  4. UpdateCFTC Chair Mike Selig says crypto rules will remain in place if Democrats return to power8 acc.
  5. UpdateCFTC outlines a push for U.S. crypto market-structure rules and on-chain oversight8 acc.
  6. UpdateCFTC chair says agency will build a federal regulatory option for crypto exchanges3 acc.
  7. UpdateCFTC pursues voluntary federal registration rules for crypto exchanges15 acc.
  8. UpdateCFTC chair offers crypto exchanges a path to federal registration after Binance hack5 acc.
  9. Leviathan published this article

All times UTC.

Cited posts

  • @DecryptMedia DecryptFirst reportOn X ↗

    Binance Hack Shows Why Offshore Exchanges Need US Oversight, CFTC Chair Sayshttps://t.co/bNTe9z4qkT

  • @cryptodotnews crypto.newsOn X ↗

    JUST IN: CFTC offers crypto exchanges a path to federal registration after Binance hack The CFTC Chair, Mike Selig, says the agency wants exchanges to opt into federal oversight and meet cybersecurity safeguards, following the reported $6.3B security breach at Binance.

  • @CryptosR_Us CryptosRusOn X ↗

    REGULATION: 🇺🇸 CFTC Chairman Michael Selig says the $6.3B Binance hack is exactly why the U.S. needs crypto rules. He says offshore exchanges like Binance don’t have the safeguards U.S. markets do, and the CFTC wants to give them a way to register and meet U.S. cybersecurity…

Show 3 more cited posts
  • @WOLF_Crypto_X WOLF CryptoOn X ↗

    🇺🇸 CFTC CHAIR MIKE SELIG ON WHERE CRYPTO'S HACKS ARE ACTUALLY HAPPENING: "We've seen several cyber incidents in crypto, but they're largely targeting the non-crypto infrastructure." Describing the Binance hack, he said the target was "not the blockchain itself or the contracts…

  • @Crypto_Briefing Crypto BriefingOn X ↗

    🏛️NEW: CFTC Chairman Michael Selig says the agency has proposed regulations allowing crypto exchanges to register federally, bringing established safeguards against cyberattacks and other risks.

  • @ChairmanSelig Mike SeligOn X ↗

    The @CFTC proposed new regulations to establish a federal registration option for crypto exchanges that would bring to crypto markets the same time-tested safeguards that have protected American derivates markets from cyber and other risks for decades. Markets are best protected…

1 more account posted about this · 1 Telegram channel (no public link)

TradersTrader calls tracked by Elfa · not advice

Positioning · BNB

Open490 open positions · 451 long · 39 short

Tracked accounts lean long about 97% of the time, so a long-heavy book is normal, not a signal. As of 31 Oct 02:25 UTC.

Reaction since the first post

Since 30 Oct 21:17 UTC3 calls opened · 3 long · 0 short

Whole crypto market, not this story

Crowding0th percentile · vs last 28 days, 50 typical
Pulse 24h65/100 · unusualness of new calls, 0–100, 50 typical, higher means more long than usual
Book96.9% long · 10,795 accounts

As of 31 Oct 02:25 UTC.

Social-monitoring data, not investment advice Elfa prices Hyperliquid post text from Xas of

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