Will the crypto industry go mainstream? CFTC Chairman Michael Selig made significant remarks on current issues during a panel discussion. Michael Selig: "As we saw with the collapse of FTX four years ago, many exchanges, despite being licensed at the state level, lack market-focused regulations. Through market regulations, we prevent manipulation, protect customer funds, and clarify the separation of responsibilities among institutions. We do not have the authority to require every exchange to register with us—that would require the Clarity Act. However, we can create a federal option, and that is precisely what we are doing here. In collaboration with the SEC chair, we are building a comprehensive on-chain surveillance system to monitor insider trading in tokens, just as we do with traditional equities. Although this area is new to us, our core mission is to detect these violations by working alongside exchanges on emerging on-chain markets and derivative products."