Crypto Is Getting Bashed in Markets and Washington

The crypto industry is facing twin crises—in the markets and in Washington—that are threatening to derail its dream of mainstream acceptance.

With the worst crypto sell-off since the collapse of FTX in the background, the industry has run into strong opposition to a wide-ranging bill it is trying to push through Congress. To break the logjam, it is trying to win over community banks, which have emerged as a powerful opponent.