It had been more than a decade since Bitcoin was invented. Crypto had become practically ubiquitous. In 2020, as crypto trading took off during the pandemic, Tether grew exponentially, selling 17 billion Tethers. The next year, it sold 57 billion. But regulators still weren’t sure what to do about it, or the rest of the industry. Crypto was growing wildly, and no one was enforcing any of the usual safeguards.
