Crypto meltdown is wake-up call for many, including Congress
2 years, 9 months ago

Crypto meltdown is wake-up call for many, including Congress

Associated Press  

NEW YORK — Meltdowns in the cryptocurrency space are common, but the latest one really touched some nerves. The Terra episode publicly exposed a truth long-known in the always-online crypto community: for every digital currency with staying power, like bitcoin, there have been hundreds of failed or worthless currencies in crypto’s short history. Politicians, crypto enthusiasts, and industry lobbyists all point to last month’s collapse of Terra and its token Luna as the possible end of the libertarian experiment in crypto. A lot of people were taken aback by Terra’s failure,” said Perianne Boring, founder of the Chamber of Digital Commerce, one of the top lobbyists for the cryptocurrency industry. Describing Terra as a “debacle,” Toomey said in an interview that Terra’s collapse made it even more important that Washington build some guardrails around stablecoins.

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