Editorial Board
Don’t Let the Crypto Winter Go to Waste
Regulators shouldn’t miss this once-in-a-lifetime opportunity to head off an obvious threat to the financial system.
The danger hasn’t passed.
Photographer: Tim P. Whitby/Getty ImagesThe cryptocurrency market has granted US policy makers the opportunity of a lifetime. Less than a year ago, it was on the verge of becoming a systemic threat, gathering disciples, leverage and political clout faster than regulators could get a grip. Then, the danger miraculously dissipated: The market imploded before reaching critical mass, entering the “crypto winter” that persists to this day.
This reprieve might not last long. Policy makers should act now to impose some much-needed rules on this market.