A top financial regulator is crafting a plan to ensure that more derivatives exchanges keep client funds separate from their corporate cash, the latest response by US policymakers to the havoc wrought by fallen crypto giant FTX.

A draft proposal being worked on by the Commodity Futures Trading Commission would expand the scope of existing regulatory defenses to apply to exchanges that let customers trade without going through a brokerage. A version of those limits helped keep FTX from raiding customer funds at its LedgerX subsidiary, a former unit of Sam Bankman-Fried’s sprawling crypto universe that was overseen by the CFTC, according to one of the agency’s commissioners.