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U.S. Regulator Worries About Spot Bitcoin ETFs - Coin Bulletin
U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam has expressed concerns about spot Bitcoin ETFs.
The CFTC Governor stated that both retail and institutional investors may think that cryptocurrencies are **truly audited" because spot Bitcoin ETFs have been approved, and that this poses a risk.
Behnam said that Congress has not yet authorized any agency to oversee cash markets in the cryptocurrency space.
Behnam said, "The concerns about the digital asset commodity spot market, which I have publicly expressed for the better part of the past six years, have been exacerbated. There has never been a greater need for federal-level legislation for the cash market in digital assets, and I will continue to call for action." *Said.
The CFTC Chairman touched on issues such as conflict of interest, stating that there is no mechanism in place to keep the "opaque and inconsistent" nature of cash markets in the cryptocurrency space in check.