A commissioner at the Commodity Futures Trading Commission (CFTC) is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.

Christy Goldsmith Romero, in a speech delivered Wednesday to a conference hosted by the Futures Industry Association in Singapore, said she is urging the CFTC to “invoke heightened supervision of crypto exchanges.”

“At a minimum, heightened supervision would include frequent examinations and heightened focus on cybersecurity, conflicts of interest, and a safety and soundness financial review,” she said. Goldsmith Romero said she has made multiple requests within the CFTC regarding cryptocurrency oversight to no avail.

On cybersecurity threats, the CFTC could place an emphasis on how cryptocurrency exchanges are preparing for and handling cyberattacks, which have led to an estimated $3 billion in lost cryptocurrency this year alone, according to blockchain analysis firm Chainalysis.

Goldsmith Romero said she is particularly concerned about conflict of interest and contagion threats posed to cryptocurrency exchanges by unregulated affiliates.

“We should be able to demand information, perform risk-based reviews, and limit risks as necessary related to unregulated affiliates where there are interaffiliate contagion risk and/or conflicts of interest,” she said.

The CFTC should also “explore all options” to increase its access to information regarding the affiliates of cryptocurrency exchanges, she said.

“My proposal should take on urgency in light of recent events,” Goldsmith Romero said.

In her speech, Goldsmith Romero cited the collapse of one of the world’s largest cryptocurrency exchanges, FTX, which was valued at $32 billion before its Nov. 11 bankruptcy filing.

One of the main weaknesses in FTX’s finances was an undisclosed loan worth up to $10 billion made with customer funds to its sister trading company, Alameda Research. Both Alameda and FTX were owned by Sam Bankman-Fried, who has since resigned from FTX.

Another significant problem is a “substantial” portion of FTX’s funds were either stolen or went missing before it filed for bankruptcy, a lawyer from the exchange said in court.

FTX’s bankruptcy was quickly followed by the collapse of another large crypto firm, BlockFi, which it said had “significant exposure” to FTX. Ironically, BlockFi was one of the struggling cryptocurrency firms FTX attempted to save before its own demise.

Goldsmith Romero compared FTX’s collapse to the events that led to the 2008 financial crisis, a parallel other government officials, including Treasury Secretary Janet Yellen, have drawn as well.

CFTC Chair Rostin Behnam, testifying before the U.S. Senate on Thursday, discussed the agency’s regulation of LedgerX, an FTX entity that has been registered with the CFTC since 2017. As a registered entity, Behnam said LedgerX is required to “ensure segregation and security of customer property (including digital assets), maintain capital to cover up to a year’s worth of projected operating costs on a rolling basis, and maintain accurate books and records, in addition to numerous other important requirements.”

LedgerX had to wall off its assets from FTX and other FTX-affiliated entities. As a result, it is one of the few FTX entities that has not filed for bankruptcy, Behnam noted.

“We are continuing to closely monitor LedgerX, but the initial evidence suggests that in the collapse of the broader FTX universe, CFTC regulations are working to ensure that those registered with the CFTC are in a position to protect customers and continue market operations,” he said. “The lesson here is clear: Thoughtful, comprehensive regulation works to protect customers and prevent the type of events that have befallen the other FTX entities.”

Until Congress passes comprehensive legislation that regulates cryptocurrencies—something Goldsmith Romero and Behnam have strongly encouraged lawmakers to do—the CFTC can and should step up and protect investors with the regulatory authority it already possesses.

“There was significant work after the 2008 financial crisis to strengthen the financial stability of global markets. When it comes to emerging technology, we must resist the chorus of voices that will seek exemptions, exclusions, and bespoke treatment,” Goldsmith Romero said. “We do not know the full consequences of straying from effective post-crisis regulatory frameworks—frameworks that work well. As we consider emerging fintech, existing regulatory frameworks that have strong customer protections and market guardrails should be our guide.”