CFTC Chair Calls for New Federal Legislation to Regulate Bitcoin Market

The Chair of the Commodity Futures Trading Commission (CFTC) has expressed growing concerns about the accessibility of Bitcoin and has called for new federal laws to regulate its market. Rostin Behnam, speaking in Naples, highlighted the recent approval of spot market Bitcoin exchange-traded funds (ETFs) as an issue that has "magnified" concerns surrounding digital asset markets. Behnam warned that regulatory approval of Bitcoin ETFs introduces risk, as market participants may mistake technical approval for regulatory oversight. The CFTC has called for federal legislation over cash market digital assets, with a record number of digital asset cases filed in the fiscal year 2023.