U.S. CFTC Chairman: Spot Bitcoin ETFs will bring risks and federal legislation is urgently needed

Rostin Behnam, the Chairman of the US Commodity Futures Trading Commission (CFTC), expressed his concerns about the risks that the recently approved spot Bitcoin ETF product may bring during an event held by the American Bar Association today. He once again called for federal legislation to regulate cryptocurrencies. Behnam said, "I am concerned that the regulatory approval of Bitcoin ETPs may bring risks. Retail and institutional investors may mistake the technical approval of the product for actual regulation of cash commodity digital assets. The need for federal legislation has never been more urgent, and I will continue to call for action." Behnam also stated that there are currently no good measures to "address the opaque and inconsistent practices in the cash markets of digital assets" regarding conflicts of interest and customer protection issues.