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New crypto oversight legislation arrives as industry craters

FILE - An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. A bipartisan group of senators has proposed a bill to regulate cryptocurrencies. It's the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked recently by collapsing prices and lenders halting operations. (AP Photo/Kin Cheung, File) FILE - The Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H., Feb. 9, 2021. A bipartisan group of senators has proposed a bill to regulate cryptocurrencies. It's the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked recently by collapsing prices and lenders halting operations. (AP Photo/Charles Krupa, File)