Prominent

Aside from Munger’s long-standing dislike of crypto, the industry itself has had a terrible year. Back-to-back collapses, including the TerraUSD stablecoin, and the FTX exchange, have left it reeling, and at one point the sector was down by $2 trillion in value. One of crypto’s most prominent U.S. founders, FTX’s Sam Bankman-Fried, is currently awaiting trial on fraud charges.

Regulators are also becoming more aggressive about cracking down on crypto firms in the wake of these debacles. This week, the New York Department of Financial Services stopped the crypto firm Paxos from issuing a coin for Binance. And at a congressional hearing on Tuesday, Sen. Sherrod Brown (D-OH) said that the fallout from crypto failures was still ongoing.
—Fortune