The chairman 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 the market.
Speaking in Naples, CTFC Chairman Rostin Behnam says he is concerned that the recent adoption of BTC Exchange-Traded Funds (ETFs) in the spot market has “magnified” the problems surrounding digital asset markets.
“The lack of legislation has not hindered enthusiasm for digital assets. And for those of you who have been fighting for the disappearance of digital assets in the absence of legislation, take a moment and look at where we are now.
I fear that the regulatory approval of bitcoin ETPs (exchange traded products) carries the risk that, despite yellow flags, market participants, both private and institutional, could mistake the technical approval of a product – with actual regulatory oversight of the cash commodity. digital assets.
The concerns I have expressed publicly about the spot market for digital assets for over six years have only grown. The need for federal legislation on digital assets in the money market has never been more critical, and I will continue my call for action.”
Spot Bitcoin ETFs were approved by the US Securities and Exchange Commission (SEC) earlier this month, after the regulatory body rejected them for years.
According to the CFTC, fiscal year 2023 saw a record number of digital asset cases, ultimately culminating in 47 enforcement actions.
“In FY 2023, the CFTC has strengthened its reputation as a leading digital asset enforcement agency.
It filed high-profile complaints about fraud by major exchanges, individual Ponzi schemers and others; achieved a first-of-its-kind victory in a lawsuit against a decentralized autonomous organization; sued and won another trial victory against a digital asset futures platform; filed an innovative lawsuit over cross-market manipulation of blockchains; and continued its efforts to protect the public in the decentralized finance space.
In FY 2023, the CFTC filed 47 lawsuits related to conduct related to digital assets, representing more than 49% of all lawsuits filed during that period.”
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