MIT Technology Review: “Last month’s sudden implosion of the popular cryptocurrency exchange FTX has intensified a political war for the soul of crypto that was already raging.  In the coming year, we are likely to see that fight come to a head in US courtrooms and in Congress. The future of finance hangs in the balance. The battle lines are complicated, but there are two prominent sides. A vocal crowd of crypto skeptics, which includes prominent politicians and regulators, wants to rein in an industry it sees as overrun with fraud and harmful to consumers. The catastrophic demise of FTX has emboldened this group. Then there are the champions of “decentralization.” Members of this camp tend to believe that cryptocurrency networks like Bitcoin and Ethereum—since they are accessible to anyone with an internet connection and are controlled by public networks instead of companies, governments, or banks—are vital to the future of privacy and financial freedom. They worry that misguided attempts at regulation could imperil those freedoms. To this group, the collapse of FTX is further proof that centralized control is dangerous—and a reminder of why crypto exists in the first place. Their goal is a blockchain-based financial system that is more accessible and private than the traditional one, which they see as plagued by surveillance and rent-seeking middlemen. The truth is, policymakers had crypto in the crosshairs long before the FTX debacle. The courtroom fights and congressional debates we will see in 2023 were going to happen regardless. And given the outsize role that America plays in the world’s financial system, the outcomes of these fights will have global implications…”