Opinion | Crypto Is Crashing. Where Were the Regulators?

The way I see it, crypto evolved into a sort of postmodern pyramid scheme. The industry lured investors in with a combination of technobababble and libertarian derp. It used some of that cash flow to buy the illusion of respectability, which brought in even more investors. And for a while, even as the risks multiplied, it became, in effect, too big to regulate, Brainard says. Brainard: How many people would have been willing to believe that the digital emperor had no clothes? More to the point, how many would have accepted a regulatory crackdown? The industry is overrun with fraudsters, he says. I doubt there was any corruption (as opposed to what goes on in the crypto sector itself) Source