Crypto's free pass is getting yanked as the most powerful U.S. financial regulators rapidly close key doors to the country's banking system.
The increasingly aggressive posture, which has taken shape through public and private actions in the weeks since the collapse of crypto exchange FTX, could push the industry to the fringes of finance. It means new ventures may be smothered before they get off the ground, and banks and digital-asset companies are likely to scrap existing ones and upend business models.