The cryptocurrency industry built a cultlike fan base in the United States by promising to break Wall Street and Washington’s joint grip on the financial system. But as the sector weathers a steep decline and faces tough new scrutiny from the SEC, some of Wall Street’s biggest names are trying to enfold it.
The developments place the industry at a crossroads in the United States. Popular interest in crypto has cratered after a year of spectacular meltdowns left a trail of bankrupt crypto companies, criminally charged entrepreneurs, shamed celebrity endorsers and ravaged investors. With the hype deflated, financial giants sense an opportunity for profit by offering their customers a pared-back menu of crypto products and services unlikely to raise hackles from regulators.
‘Enforcement 40’ for 2020
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