Crypto implosion hastens push to clamp down

Increased oversight: A cryptocurrency ATM is seen in a convenience store in Miami, Florida. Calls for a legislative fix have grown louder in the United States in the wake of the spectacular crash of TerraUSD. — AFP

WASHINGTON: As a popular digital currency crumbled this month, two unlikely allies in the United States Senate stepped up their campaign to bring regulation to the US$1.3 trillion (RM5.7 trillion) crypto market.

Cynthia Lummis, a conservative Republican from a Wyoming ranching family and Kirsten Gillibrand, a moderate Democrat from Albany, New York, aren’t supposed to get along – let alone work together.