Crypto-linked bank failures fuel regulation debate

Regulators are rushing to protect consumers from fraud and scams in the global cryptocurrency industry, which has been hit hard by setbacks, scandals, and high-profile failures. The industry has boomed during the pandemic, but customers often invest without realizing they are investing in unregulated and illegal assets. Regulators are concerned about the conflicts of interest of trading platforms and the complex and volatile nature of cryptocurrencies. Officials in the US and Europe are working on frameworks to oversee crypto firms and increase transparency in their operations.