Bloomberg: Weak regulation may 'destroy' the future of the cryptocurrency industry BlockBeats News: On January 20th, Bloomberg's editorial board issued a statement stating that although the US Congress is attempting to establish a legal framework for digital assets to encourage innovation while curbing illegal activities, this effort is likely to be ineffective in the context of weakened regulatory powers and insufficient resources. The article mentions that the stablecoin regulation bill, the Genius Act, disperses important responsibilities to multiple regulatory agencies, and the key department - the Office of the Superintendent of Currency (OCC) - has clearly suffered a "major blow" after experiencing layoffs and cyber attacks. Another Clarity Act may weaken the authority of the SEC by placing most tokens under the jurisdiction of the CFTC, but the CFTC's budget is only one sixth of the SEC's, and its manpower and enforcement capabilities are equally inadequate. At the same time, the Consumer Financial Protection Bureau (CFPB), which was responsible for handling consumer complaints related to encryption, has been almost "dismantled", further weakening the regulatory system. Bloomberg believes that if the regulatory capacity is insufficient to promote cryptocurrency assets to a wider range of public and institutional investors, once fraud and crime continue to be exposed, it may actually backfire on the industry. The article calls for the establishment of a unified trading legal framework covering all difficult to classify digital assets such as Bitcoin and Ethereum, with rules jointly developed by the SEC and CFTC to ensure market stability, investor protection, and information disclosure. The comment concludes with a warning that the cryptocurrency market will still face the real risk of "buyer's responsibility" until Congress truly empowers regulatory agencies with sufficient power, professional competence, and resources.