Bloomberg: US crypto legislation may fall short of expectations due to insufficient regulatory resources

Bloomberg's editorial committee commented that the US Congress is pushing for a legal framework for digital assets, but weakened regulatory powers and insufficient resources may affect the effectiveness of the legislation. The Genius Act disperses regulatory responsibilities for stablecoins, and the Office of the Superintendent of Currency (OCC) has limited enforcement capabilities due to layoffs and cybersecurity incidents; The Clarity Act intends to adjust regulatory division of labor, weaken the jurisdiction of the US Securities and Exchange Commission (SEC), and bring most tokens under the supervision of the Commodity Futures Trading Commission (CFTC), but the latter has limited budget and resources. The reduction of functions of the Consumer Financial Protection Bureau (CFPB) further affects the regulatory network. The article suggests establishing a unified trading regulatory framework for assets such as Bitcoin and Ethereum, with rules jointly developed by the SEC and CFTC. Bloomberg warns that insufficient regulatory capacity may keep the cryptocurrency market in a state of "risk-taking" for a long time.