TechFlow news, October 22 — According to DL News, Maxine Waters, the top Democrat on the U.S. House Committee on Financial Services, warned that the ongoing government shutdown is setting the stage for another market disaster. Trump and Republicans are attempting to integrate cryptocurrency into the traditional financial system without establishing an adequate regulatory framework, increasing the risk of a future collapse.
Waters noted that the government shutdown has reached its 21st day, with 90% of staff at the Securities and Exchange Commission forced into furlough and most enforcement activities suspended. The Commodity Futures Trading Commission has also effectively ceased operations. During the market crash on October 10, Bitcoin plunged 14.6%, Ethereum dropped 21%, Dogecoin fell over 50%, and the TRUMP token declined as much as 63%, wiping out billions of dollars in investor value.
Waters stated that the regulatory vacuum leaves investors exposed to the risk of "another catastrophic crash."
