Things change fast in the world of crypto. Prices were at dizzying heights in November, and then came the crash. In just a couple of weeks in May, cryptocurrencies lost more than half a trillion dollars in market value. The most spectacular implosion was a cryptocurrency called TerraUSD. It was a stablecoin – meaning its value was supposed to be pegged to the U.S. dollar through a complicated algorithm. Instead, it tanked and is now virtually worthless. That crash reignited calls for new rules to govern a cryptocurrency market that is still something of a wild frontier. And now we have perhaps the biggest step yet toward new crypto regulation. Two senators — a Republican and a Democrat — teamed up to unveil a broad new regulatory bill last week. But skeptics are already warning it’s a step backwards and is far too crypto-friendly. Let’s unpack what’s going on and why a big question is who would regulate crypto.
Read more : There’s a new plan to regulate cryptocurrencies. Here’s what you need to know.
