Miami's Resilience Shines Through Economic Turmoil.

Miami, a city known for its love of fast money, became the capital of crypto and a paradise for a new type of too-online stock jockey in 2021. However, the winds changed and the markets turned with a vengeance in 2022, causing the collapse of crypto and other tech startups based on short-order fads. The cold winds of regulation began sweeping into Miami from Washington, DC, and the crypto kings of Miami got scarce. As things are, the small banks that were servicing the industry are failing, and Securities and Exchange Commission Chair Gary Gensler seems to be leaning toward officially labeling crypto a security, which could kill the industry entirely.