Bloomberg: US Crypto Legislation May Fall Short of Expectations Due to Insufficient Regulatory Resources

The Bloomberg Editorial Board commented that while the US Congress is advancing a legal framework for digital assets, weakened regulatory authority and insufficient resources may impact the effectiveness of legislation. The "Genius Act" disperses stablecoin regulatory responsibilities, and the Office of the Comptroller of the Currency (OCC) faces limited enforcement capabilities due to layoffs and cybersecurity incidents. The "Clarity Act" proposes to adjust regulatory divisions, reducing the jurisdiction of the US Securities and Exchange Commission (SEC) and placing most tokens under the oversight of the Commodity Futures Trading Commission (CFTC), but the latter has limited budget and resources. Further reduction of the Consumer Financial Protection Bureau (CFPB)'s functions also affects the regulatory network. The article suggests establishing a unified trading regulatory framework for assets such as bitcoin and ethereum, with rules jointly formulated by the SEC and CFTC. Bloomberg warns that insufficient regulatory capacity may leave the crypto market in a long-term "at your own risk" state.