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Bloomberg: Weak Regulation Could ‘Break’ Crypto Industry’s Future
BlockBeats News, January 20th, the Bloomberg Editorial Board pointed out that while the U.S. Congress is attempting to establish a legal framework for digital assets to encourage innovation and curb illegal activities, this effort is likely to be ineffective in the context of weakened regulatory authority and insufficient resources.
The article mentioned that the stablecoin regulation bill "Genius Act" would decentralize key responsibilities to multiple regulatory agencies, and the primary agency, the Office of the Comptroller of the Currency (OCC), has suffered significant setbacks due to layoffs and cyberattacks. Another bill, the "Clarity Act," may weaken the SEC's authority by transferring oversight of most tokens to the CFTC, but the CFTC's budget is only one-sixth of the SEC's, and it also lacks manpower and enforcement capabilities.
Meanwhile, the Consumer Financial Protection Bureau (CFPB), which was once responsible for handling crypto-related consumer complaints, has been virtually dismantled, further weakening the regulatory framework.
Bloomberg believes that if the push for broader public and institutional investment in crypto assets continues in the face of inadequate regulatory capabilities, the industry could suffer a backlash once fraud and crime issues persist. The article calls for the establishment of a unified trading legal framework covering all unclassifiable digital assets (such as Bitcoin and Ethereum), jointly developed by the SEC and CFTC, to ensure market integrity, investor protection, and disclosure of information.
The commentary concludes with a warning that until Congress truly empowers regulatory agencies with sufficient authority, expertise, and resources, the crypto market will continue to face the reality of "buyer beware."
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