Commodity Futures and Trading Commission Chair Rostin Benham has flagged concerns around the recently approved spot Bitcoin ETFs and called for new legislation to regulate crypto.
The remarks come just weeks after the Securities and Exchange Commission approved the first batch of spot Bitcoin ETFs, leading to billions of dollars worth of trading activity.
CFTC Chair Flags ETF Concerns
Benham made the remarks two weeks after the Securities and Exchange Commission approved the first batch of spot Bitcoin ETFs. The CFTC chair said he believed the approvals introduced several risks into the system and called for new legislation at the federal level. Speaking at an event organized by the American Bar Association, Benham put forward his concerns, stating,
“I fear that the regulatory approval of bitcoin ETPs 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 ove
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