Trump says the US is looking at whether North Korea hit Binance as the CFTC chair says the $6.3 billion theft makes the case for crypto rules

The Binance theft reached the Oval Office on Friday. Asked by reporters whether North Korean hackers were responsible for the roughly $6.3 billion taken from the exchange, President Trump said the US does not know and is looking into it, Bloomberg reports. He noted that Binance says it has the situation largely under control and is guaranteeing customers' funds, and added that he had "always felt it was a little bit dangerous," referring to crypto.

Michael Selig, chairman of the Commodity Futures Trading Commission, said on CNBC that the hack supports the market structure proposal the agency put out earlier this month, The National reports. Selig said he wants crypto exchanges to register with the CFTC and, according to The Block, pointed to unregulated offshore exchanges as the core problem. The CFTC proposed a framework for leveraged retail crypto trading on October 5 that includes a new registration category for exchanges.

Industry groups are pressing Congress. The Block reports that Cody Carbone, chief executive of The Digital Chamber, sent a letter to House and Senate leaders urging them to pass legislation giving the CFTC authority over crypto exchanges and keeping customer and company funds separate in bankruptcy. Lawmakers and policy groups also disputed on X whether the Clarity Act would have changed how crypto firms and stablecoin issuers can freeze suspect funds.