CFTC Chair Mike Selig said new federal rules could help prevent another FTX collapse by allowing crypto exchanges to register with the regulator and extending customer-fund safeguards to digital asset spot markets. Exchanges could remain under state regimes or register federally, while the CFTC is seeking comment on a crypto asset market category for platforms offering leveraged, margined or financed retail trades. Selig said crypto derivatives will use the same margin models and risk-management standards as traditional derivatives, rejecting competition among regulators to weaken leverage safeguards.