The recent CFTC advisory on offshore exchanges serving US residents under the FBOT framework won’t bring them back to the US due to regulatory requirements not tailored for crypto exchanges, according to Centrifuge’s general counsel Eli Cohen. Only regulated exchanges can apply for the FBOT, prompting some to set up businesses in unregulated jurisdictions.

To provide clarity for crypto exchanges, passing a crypto market structure bill in Congress is crucial, says Cohen. This bill would codify crypto regulations into law, creating lasting change. The CFTC’s “crypto sprint” initiative aims to overhaul regulations to fulfill Trump’s goal of making the US a global crypto leader, with proposals for joint oversight and 24/7 trading cycles.

Read more at Cointelegraph: Offshore Crypto Exchange’s Won’t Use FBOT Framework To Do Business in US