The head of Australia's competition regulator has expressed concerns about the potential "horror scenarios" that could arise for Australian consumers if the US relaxes cryptocurrency regulations. Gina Cass-Gottlieb, chair of the Australian Competition and Consumer Commission (ACCC), warned that any weakening of oversight in the US could lead to increased risks of crypto-related fraud. The ACCC has reported that Australian consumers lost over $1.3 billion to investment scams, with cryptocurrencies playing a significant role. As the US regulatory landscape becomes more crypto-friendly under President Donald Trump, scammers may exploit the opportunity to defraud Australian investors. Australia is currently debating its own regulatory approach to digital assets, with some advocating for stricter oversight to combat fraudulent schemes. The concerns raised by the ACCC contribute to the global debate on cryptocurrency regulation, as policymakers strive to balance innovation with financial security.



Other News from Today