US CFTC Chairman: Spot Bitcoin ETFs Pose Risks, Urgent Federal Legislation Needed

U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said today at an American Bar Association event that he is concerned about the risks posed by the recent approval of a spot Bitcoin ETF product and reiterated his call for legislation at the federal level to regulate cryptocurrencies. "I am concerned about the risks posed by the regulatory approval of the Bitcoin ETP, that retailers and institutions, among others, may mistake the technical approval of the product for actual regulation of cash commodity digital assets, and that the need for federal legislation has never been more urgent, and I will continue to call for action," Behnam said.Behnam also stated that There are no good measures in place to "address the opaque and inconsistent practices in the digital asset cash market" around issues such as conflicts of interest and customer protection.