Commodity Futures Trading Commission Chair Rostin Behnam says he fears that the recent approval of spot bitcoin ETF products introduces risks and called again for legislation at the federal level to regulate crypto.  

Behnam's remarks come two weeks after the Securities and Exchange Commission approved the first batch of spot bitcoin exchange-traded funds, which have so far seen billions of dollars of trading activity. 

"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 oversight of the cash commodity digital assets," Behnam said on Friday in prepared remarks at an American Bar Association event.