The walls are closing in around crypto. Regulators hadn’t taken action against many of the industry’s biggest players, but are now cutting off access to products and services central to the digital-currency business.
The flurry of actions came after years of slow-moving investigations and debate in Washington over how to best handle the fast-growing industry. Some observers detected a shift in officials’ tone after the collapse of the FTX crypto exchange, which strengthened the hand of politicians and regulators calling for tougher enforcement. Now crypto executives are bracing for more regulatory lawsuits and investigations, and investors have started to flee suspected targets.
“It certainly feels, from an industry perspective, like there’s a crypto carpet bombing going on right now,” said Kristin Smith, CEO of Blockchain Association, a crypto industry group.
Source: Crypto Investors Brace for More Crackdowns From Regulators – WSJ