The term describes the downturn in the value of bitcoin as well as the fortunes of companies that support the cryptocurrency ecosystem.

“Celebrities are rich for reasons having nothing to do with their crypto investments,” says Vox’s Emily Stewart.

The terraUSD meltdown destroyed the nest eggs of people who had no idea what it was nor that they’d invested in it.

A bill would put the Commodity Futures Trading Commission in charge. Some consumer advocates back the Securities and Exchange Commission.

“It’s hard to find a clear reason to have [a CBDC], and, in fact, there are a lot of reasons not to,” says the Roosevelt Institute’s Chris Hughes.

The Securities and Exchange Commission isn’t the only agency that could do it.

London, already a major foreign exchange market, wants to be the same for crypto.

Fidelity Investments says it will allow employers to add bitcoin to retirement portfolios, but Sen. Elizabeth Warren is among those critical of the decision.

And companies may have good reasons not to.

The cryptocurrencies — pegged to “real” currencies that aren’t supposed to fluctuate in value — are the bedrock of the crypto economy.