In 2021, a regulator named Gary Gensler launched a multi-year campaign to ruin the crypto industry. At the behest of his powerful patron in the U.S. Senate, Gensler and his allies brought the full power of the federal government—fines, criminal probes and more—to bear on law-abiding American entrepreneurs. In response, those entrepreneurs organized a political campaign that drove Gensler and his party from office. Their victory marked the crypto lobby’s emergence as a powerful new player in Washington, DC—one that stood for economic freedom and the right to conduct business free from the arbitrary abuse of government power.

So much for that. During the last week, a new regulator unleashed a wave of intimidation that would make even Gensler blush, and we didn’t hear a peep from the crypto

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