Opinion | Crypto Is Crashing. Where Were the Regulators? – The New York Times

Suppose, for example, that you use a digital payments app like Venmo, which has amply demonstrated its usefulness for real-world transactions (you can even use it to buy produce at sidewalk fruit stands). Well, if you go to Venmo’s home page, you encounter an invitation to use the app to “begin your crypto journey”; in the app itself, a “Crypto” tab appears right after “Home” and “Cards.” Surely, then, crypto must be serious business.

Suppose you want to learn about crypto. Many famous universities offer programs, typically online subscription courses.

Suppose you want to know who’s advising major players in the crypto industry. Well, the board of Digital Currency Group, one of the biggest players, includes a co-chair of the Brookings Institution’s board of trustees and boasts a former Treasury secretary as an adviser.

Given this aura of mainstream approval, how many people would have been willing to believe that the digital emperor had no clothes? More to the point, how many would have been willing to accept a regulatory crackdown?

Source: Opinion | Crypto Is Crashing. Where Were the Regulators? – The New York Times