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    Michael Hiltzik: The government crackdown on crypto is well underway. Get out while you can

    by Michael Hiltzik, Los Angeles Times Feb 17, 2023 6 minutes
    FTX Founder Sam Bankman-Fried arrives at the US Federal Court in New York on Feb. 16, 2023.- A federal judge ordered Sam Bankman-Fried back to court on Thursday after learning he used a virtual private network, or VPN to access the internet.

    The sun may be setting on the cryptocurrency craze. If you're an investor or even just a curiosity-seeker on the fringes of this financial segment, you might want to prepare for its demise.

    In just the last few weeks, market and banking regulators in the U.S. have tightened the screws on crypto-related firms. Legislative initiatives in Congress aimed at liberalizing rules for crypto promoters appear to be running out of steam.

    The entire crypto market, from the pioneering cryptocurrency bitcoin to fad crypto such as Dogecoin and obscure proprietary tokens such as Stellar and Cardano have been in an extended decline.

    The capitalization of the crypto market, which peaked at more than $3 trillion in late 2021, is now estimated at $800 billion, implying enormous losses for late-stage investors. (Some cryptocurrencies have rallied lately, but the benchmark bitcoin is still down by more than 60% from its peak in November 2011.)

    To the legion of critics of crypto, these developments reflect.

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