The head of the Australian competition ruler warned that the promise of US President Donald Trump to relax Crypto instructions could lead to “horror scenarios” for Australian consumers by making them more vulnerable for investment scam.
Gina Cass-Gottlieb, chairman of the Australian Competition and Consumer Commission (ACCC), said that any supervision in the US can worsen the risks related to crypto-related fraud.
Cass-Gottlieb told ABC News:
“This is an environment – because of the refinement of global crime, and also because possibly the regulatory ‘freeing’ – that we certainly have improved care.”
Trump, who has positioned himself as a candidate for pro-Crypto, has promised to change the US in the ‘crypto capital of the planet’. Under his new administration, the regulatory landscape has already begun to switch to a friendlier environment for crypto.
His position marks a sharp contrast to President Joe Biden, whose administration took legal steps against large crypto companies and a “regulation through enforcement” approach adopted, which received widespread criticism.
Crypto – -Folouring is a great concern
According to ACCC data, Australian consumers lost more than $ 1.3 billion in investment scam in 2023, in which Crypto played an important role – either as a payment method or as the subject of fraudulent schemes.
As part of its enforcement priorities for 2025-26, the ACCC focuses on financial fraud and scam in addition to broader competitive problems in industries such as aviation and retail.
The supervisor has warned that as a crypto regulations are detached in large markets such as the US, scammers can use the opportunity to cheat Australian investors.
The comments from Cass-Gottlieb come when Australia continues to debate about his own regulatory approach to digital assets. The country has introduced stricter license requirements for crypto service providers, but proponents of consumer protection claim that more supervision is needed to curb fraudulent regulations.
The concerns of the ACCC contribute to the current global debate on Crypto Regulation, in which policymakers balance innovation and financial security in the midst of the increasing regular acceptance of digital assets.
Scam is increasing
According to a report from Web3 security company Cyvers, pig -off scams dominated crypto fraud in 2024, good for $ 3.6 billion in losses.
The long-term fraud method, in which victims are taken care of over time before they are forced into fraudulent investments, surpassed other forms of crypto-swam. Cyvers have traced this scam to more than 150,000 blockchain addresses, which emphasizes the widespread nature of the schedule.
Scammers increasingly relied on dating apps and social media to lure victims, creating fake profiles to build trust before they convince to invest in fraudulent platforms. Despite the increase in fraudulent activity, cyber researchers have reclaimed $ 1.3 billion in stolen assets through tracking and bug-bounty programs in chains.