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 digital assets.

The concerns I have publicly voiced for the better part of six years regarding the digital asset commodity spot market have only become magnified. The need for federal legislation over cash market digital assets has never been more critical, and I will continue my call for action.”

Spot market Bitcoin ETFs were approved by the U.S. Securities and Exchange Commission (SEC) earlier this month after years of the regulatory body rejecting them.

According to the CFTC, the fiscal year 2023 saw a record number of digital asset cases, ultimately culminating in 47 enforcement actions.

“In FY 2023, the CFTC cemented its reputation as a premier enforcement agency in the digital asset space.

It filed high-profile complaints addressing frauds by major exchanges, individual Ponzi-schemers, and others; obtained a first-of-its-kind litigation victory against a decentralized autonomous organization; charged and won another litigation victory against a digital asset futures platform; brought an innovative litigation involving cross-market manipulation in blockchains; and continued its efforts to protect the public in the decentralized finance space.

In FY 2023, the CFTC brought 47 actions involving conduct related to digital asset commodities, representing more than 49% of all actions filed during that period.”

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