At the same hearing that Sherman attended, Federal Reserve Chairman Jerome Powell said cryptocurrencies are “great if you’re trying to hide or launder money.”
In the wider context, it’s clear that we have actually come some way forward in regulatory comprehension of this technology.
The influence of a parallel market
Part of this shifting tide reflects the unavoidable reality of crypto markets, which have grown massively since 2013.
Notwithstanding problems of measurement, the almost $300 billion that CoinMarketCap says is the crypto market’s total market capitalization is a historically significant figure.
There are more than 200 crypto exchanges, where more than $16 billion is changing hands daily in dozens of countries.

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