U.S. regulators with the sharpest teeth already consider crypto a wolf in sheep’s clothing. Last year, SEC Chair Gary Gensler mused that crypto exchange ads at the Super Bowl reminded him that “AmeriQuest advertised in the Super Bowl. It went defunct in 2007.”

At the same time, the FDIC sent cease-and-desist letters to crypto companies which allegedly made “false representations . . . that certain crypto–related products are FDIC–insured.”