Bloomberg: U.S. Regulatory Laxity Will Undermine the Future of the Crypto Industry

According to the editorial board of Bloomberg, the future of the U.S. cryptocurrency industry is at risk of being "disrupted" due to the weak capabilities and insufficient resources of regulatory agencies.

Although Congress has passed the Genius Act and attempted to establish a legal framework for digital assets through the Clarity Act, the enforcement capabilities of regulatory agencies are concerning. The risks in the stablecoin market are highly concentrated, with Tether and Circle accounting for over 80% of the market share, and their redemption crises could impact financial stability, while regulatory responsibilities are dispersed. The key regulatory body, the Office of the Comptroller of the Currency, lost about a quarter of its staff in 2025 and is still dealing with the effects of cyberattacks; the CFTC's budget is only one-sixth of the SEC's, and it is understaffed; the Consumer Financial Protection Bureau, which is the only agency tracking consumer complaints in crypto, has been significantly weakened. The commentary suggests that if "symbolic regulation" is conducted by incapable agencies, it could lead to more investors suffering losses in an environment where fraud remains rampant, ultimately backfiring. The article calls for the establishment of a new trading legal framework for hard-to-classify digital assets like Bitcoin and Ethereum, with rules jointly formulated by the SEC and CFTC to ensure that market participants meet basic requirements in terms of safety, consumer protection, and information disclosure.