According to CoinMeta, the Chairman of the U.S. Commodity Futures Trading Commission, Mike Selig, stated that the regulatory framework for crypto assets proposed by CFTC will establish a federal-level regulatory system to protect exchange customers from fraud, market manipulation, and the risk of customer funds being stolen, in order to avoid a repeat of the FTX collapse event. He pointed out that CFTC is working hard to introduce market-based regulatory mechanisms for crypto exchanges and noted that critics of these measures may benefit fraudsters, manipulators, and those who misappropriate customer funds. At the same time, he warned that a lack of regulation could leave opportunities for individuals similar to Sam Bankman - Fried in the future.