The Commodity Futures Trading Commission is offering cryptocurrency exchanges a voluntary federal registration path after an attacker drained about $6.36 billion from Binance in roughly 20 minutes, according to TRM Labs. Chairman Michael Selig’s proposed framework would require participating exchanges to segregate customer funds and follow federal anti-fraud rules, while potentially allowing U.S. customers to access leveraged trading under federal oversight. The option cannot compel registration because Congress has stalled the Clarity Act, and it would not cover offshore exchanges that do not operate in the United States. Selig has cited the FTX collapse as evidence for the framework, saying the FTX unit registered with the CFTC kept client assets intact while founders misappropriated roughly $8 billion in 2022. Binance says it will cover the hack’s losses and has frozen about $3 billion, while the exchange attributed the incident to a stolen login. Comments on the CFTC proposal are due around mid-December, and Selig previously expressed confidence that the stolen funds could be traced.