Cryptocurrency faces existential threat as crackdown gathers steam

Bisaya News

Photo credit: Pixabay / CC0 Public Domain

Cryptocurrency firms are battling for lobbyists and subpoenas in a potentially existential battle to regulate the multi-trillion dollar industry.

Last month, lobbyists from firms seeking representation in Washington were overwhelmed as regulators threatened cryptocurrency companies with lawsuits or injunctions. Current and former enforcers say these warnings are likely just the beginning.

Over the past decade, the cryptocurrency market has grown from a little-known project shared among technologists and libertarians to a massive and largely unregulated industry. But while the sector has found innovative ways to digitally track possessions and send money cheaply, it has also launched savings accounts and mutual funds, products that regulators say should follow the same rules as those in traditional financial networks.

As the cryptocurrency industry prepares for a regulatory battle, some lobbyists asking to withhold their names to discuss customer matters said they were so inundated with crypto…

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