Cryptocurrency started 22 strong.

Bitcoin, the most popular type of it, was around its all-time high of $68,000 per coin.

But as 2022 ends, what was supposed to be a revolutionary way to buy, save, and invest has collapsed.

Cryptocurrencies have also cratered. Bitcoin, which was at almost $69,000 in

November, slumped to below $20,000 this month. The price of nearly every cryptocurrency has plunged.

Multiple businesses built specifically around them have cratered with the exchange FTCS being the biggest bankruptcy

of them all.

The FDX groups collapse appears to stem from absolute concentration of control in the hands

of a small group of grossly inexperienced, unsophisticated individuals.

Now, members of Congress are calling for more stringent regulations around crypto.

Crypto billionaires argue crypto is special, but a basic principle of our financial system is same kind of transactions, same kind of risk, means same rules apply.

But would regulations change cryptocurrency so much that it would essentially stop being crypto?

I'm Gustav Ariano.

You're listening to The Times, Essential News, from the LA Times.

It's Wednesday, December 21st, 2022.

Today, can regulation save defiantly anti-regulation cryptocurrency?

Joining me today to break down the overtalked, often under-understood world of crypto is my LA Times colleague,

business columnist Michael Hiltzik. Michael, welcome to the Times.

Thanks, Cassava. It's great to be here with you.

I think most people know by now what cryptocurrency is, but maybe not what a crypto exchange is

and definitely not why there's so much attention being paid to this guy, Sam Bankman-Fried.

Who is he? What did he run? And why is all of this drawing so much attention from the feds?

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