Crypto Renaissance Means It’s Time to Protect Banks: Editorial

With the price of digital assets testing the boundaries of plausibility, and Congress promising legislation to boost the industry further, now might be a good time for bank regulators to take notice.

Why worry about banks? It wasn’t so long ago — less than three years — that banks catering to the cryptocurrency industry failed after prices tumbled and a raft of companies went bankrupt. Regulators had to take emergency steps to prevent a wider loss of confidence and promised reforms to make the industry more resilient.

That hasn’t happened. Instead — under pressure from the White House, the ...