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House crypto bill sows the seeds of the next financial crisis
A buzzy new financial player, once thought invincible, nearly collapses due to poor management and reckless bets gone wrong. Congress holds hearings. Regulators offer measures to limit speculation and increase disclosures and oversight. But the industry calls this approach burdensome and harmful to investors. An industry champion makes a case for a lighter touch regulatory approach and succeeds. This scenario, plucked from the 1990s derivatives industry, has eerie parallels to today, as the House considers cryptocurrency legislation. The Financial Innovation and Technology for the 21st Century Act, the industry ... (full story)