Crypto has got its claws into the White House and is swiftly growing into a global financial stability risk.
Up to now, what happened in crypto stayed in crypto. If you buy a token of some kind — there are thousands of them out there, linked to everything from dog memes to the US president — and something goes wrong, it is on you. If the site where you store them goes bust or gets hacked, tough luck — you knew the risks.
“Hey, Crypto Mom, where’s my bailout?” is not an appropriate response to suffering losses, as Hester Peirce, the crypto-friendly commissioner at the Securities and Exchange Commission, said in May.
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