Add as a preferred source on GoogleTrump Reviews Binance Attack as CFTC Chair Urges Crypto Oversight
Trump said Binance had pledged to compensate users. CFTC Chair Michael Selig said the incident highlighted gaps in protections for offshore exchanges.
President Donald Trump said Oct. 30 he was reviewing the reported $6.3 billion Binance hack, while Commodity Futures Trading Commission Chair Michael Selig pressed for stronger oversight of crypto markets.
Trump added that Binance had pledged to compensate affected users. Selig described Binance as an offshore exchange outside federal U.S. regulation, with fewer protections than those available in U.S. financial markets. He said the incident underscored the need for stronger crypto oversight.
Republican Sen. Cynthia Lummis said the proposed CLARITY Act could give crypto companies legal protection when freezing suspicious transactions. Whether the measure would require a court order to freeze assets remains disputed.
On Oct. 30, Cody Carbone, CEO of The Digital Chamber, urged Congress to pass legislation giving the CFTC authority over crypto exchanges and separating customer assets from company funds during bankruptcy. The House has passed the CLARITY Act, but the bill remains stalled in the Senate amid debate over Trump's crypto business interests.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.