Eli Cohen, general counsel at Centrifuge, stated that the Commodity Futures Trading Commission's (CFTC) advisory concerning offshore exchanges under the Foreign Board of Trade (FBOT) framework will not reinstate these exchanges' operations in the US. Cohen emphasized that the regulatory requirements for settlement and clearing are not suited for crypto exchanges, making compliance extremely challenging. Only regulated exchanges outside the US can register under the FBOT framework, necessitating an existing regulatory structure in their home countries. Many exchanges prefer unregulated jurisdictions like Seychelles to evade such frameworks. Cohen advocates for clear crypto regulations established by Congress to ensure sustainable changes unaffected by shifting administrations. The CFTC's recent initiatives aim to clarify regulations in the crypto sector and potentially transform financial markets, aligning with past proposals from the Trump administration to position the US as a leader in crypto.

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