BitGo CEO warns: The CLARITY Act has failed to advance, and the U.S. crypto market faces the risk of concentration of trading, brokerage and custody businesses

According to BlockBeats news, on October 2, BitGo CEO Mike Belshe warned that the failure to advance the CLARITY Act would continue to expose the U.S. market to systemic risks, especially the risks posed by a single institution simultaneously controlling the trading platform, brokerage, and asset custody businesses. Mike Belshe said that this business combination poses a risk that deserves more vigilance than the Lehman Brothers incident: the collapse of a broker may cause local losses, but if it undertakes both trading platform operations and asset custody functions, its collapse may drag the entire market into a crisis.

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