The Chair of the Commodity Futures Trading Commission (CFTC) says he is increasingly concerned about the growing accessibility of Bitcoin (BTC) and that new federal laws are needed to regulate its market.
In a speech in Naples, CTFC Chair Rostin Behnam says that he’s worried the recent approval of spot market BTC exchange-traded funds (ETFs) has “magnified” the issues surrounding digital asset markets.
“The lack of legislation has not hindered the enthusiasm for digital assets. And for those of you who have been fighting for digital assets to go away in the absence of legislation, take a moment and see where we now find ourselves.
I fear that the regulatory approval of bitcoin ETPs (exchange-traded products) introduces risk that, in spite of yellow flags, market participants, retail and institutional alike, may mistake the technical approval of a product – with actual regulatory oversight of the cash commodity…
