Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action

By FATIMA HUSSEIN and KEN SWEET
Associated Press

WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities this week. Efforts in Congress to come up with legislation have gone nowhere, especially in this chaotic year that has been dominated by geopolitical tensions, inflation and the upcoming 2024 election. Meanwhile, law enforcement officials and regulators have stepped in, winning the conviction of Sam Bankman-Fried and suing smaller crypto companies for violating securities laws.