CoinDesk reported:
Choose the culprits: The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and their panoply of lawsuits, the U.S. Congress’ inability to pass any significant blockchain law, a lackluster Biden administration “Economic Report of the President” with 30 pages bashing the industry, the closure of two of the most crypto-friendly U.S. banks (Signature and Silicon Valley Bank), the Terra implosion and its ripple effects, the FTX failure and its ripple effects, the ongoing flurry of decentralized finance (DeFi) exploits in vulnerabilities, blockchain bridges failures, token prices tanking, increased negative public opinion, decreased institutional holdings – just to name major ailments facing the blockchain industry today.