Crypto industry faces legal crackdown as SEC charges celebrities and firms for fraud.

The recent deluge of enforcement news in the cryptocurrency industry, including the SEC's threat to take legal action against Coinbase and its suit against the Tron blockchain network, has put a lid on Bitcoin's rally. The collision course between the US government and crypto true believers' vision of a system where money can be freely exchanged around the world without "censorship" by authorities was accelerated by the failure of the Terra blockchain's stablecoin to maintain its $1 peg and the bankruptcy of FTX last year, which combined to vaporize almost $2tn of digital wealth. Many industry watchers are bracing for more shoes to drop.