Australian Regulator Warns of ‘Horror Scenarios’ From Trump Easing Crypto Oversight – BitRss

Australia’s consumer watchdog is sounding the alarm over U.S. President Donald Trump easing crypto regulations, fearing a potential rise in investment scams targeting Australian consumers.

As Trump pushes forward with his vision to make the U.S. the “crypto capital of the world,” Australian Competition and Consumer Commission (ACCC) Chair Gina Cass-Gottlieb warned that his promise to ease crypto oversight in the U.S. could create “horror scenarios” for vulnerable investors.

Cass-Gottlieb told Australia’s ABC ($0.00) News that, “Any weakening of such regulation is of concern for us,” adding that easing of crypto regulations coupled with a rise in global crypto crime could increase risks for consumers.

“This is an environment—because of the sophistication of global crime, and also because potentially of regulatory ‘freeing up’—that we certainly have an enhanced concern,” Cass-Gottlieb said.

The ACCC chair’s concerns come as the latest figures from the agency show Australians lost over $1.3 billion to investment scams in 2023, with crypto either directly or indirectly involved in the majority of these scams.

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