Meltdowns in the cryptocurrency space are common, but the latest one has served as a vivid reminder that investors, both professionals and rookies, can be rolling the dice when putting money into digital assets.
FILE - Ranking member Sen. Pat Toomey, R-Pa., speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing, Tuesday, May 10, 2022, on Capitol Hill in Washington. After the latest cryptocurrency implosion, Washington appears ready to take its first steps to regulate the industry.
After being mostly hands-off toward crypto, it appears that Washington has had enough. On Tuesday, two senators — one Democrat and one Republican —that seeks to build a regulatory framework around the cryptocurrency industry; other members of Congress are considering more limited legislation. Terra’s ascendance attracted not only retail investors but also better-known cryptocurrency experts. One notable “Lunatic” was billionaire Mike Novogratz, who tattooed his upper arm with the word Luna and a wolf howling at the moon. Novogratz told his followers that the tattoo “will be a constant reminder that venture investing requires humility.
The total value of crypto assets hit a peak of $2.8 trillion last November; it’s now below $1.3 trillion, according to CoinGecko. Surveys show that roughly 16% of adult Americans, or 40 million people, have invested in cryptocurrencies. Retirement account giant Fidelity Investments now offers crypto as a part of a 401 plan. Sen. Cory Booker, D-New Jersey, has repeatedly pointed out that crypto is particularly popular among Black Americans, a community long distrustful of Wall Street.
Other crypto lobby groups, like the Association for Digital Asset Markets, have announced support for the Lummis-Gillibrand bill.
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