The battle for the soul of crypto is intensifying, as regulators seek to rein in an industry they view as overrun with fraud and harmful to consumers.
Meanwhile, champions of "decentralization" believe that blockchain-based financial systems are vital to the future of privacy and financial freedom.
With the collapse of FTX, the future of finance hangs in the balance, and the outcomes of the fights in US courtrooms and in Congress will have global implications.
The emergence of decentralized finance (DeFi) and the conflict over DeFi front ends will shape the future of online finance. At stake is the freedom to use a blockchain-based service without seeking permission from the government.
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