Cryptocurrency faces existential threat as crackdown gathers steam

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Cryptocurrency firms are fighting for lobbyists and fielding subpoenas in what could be an existential fight over how the multitrillion-dollar industry should be regulated.

In the past month, lobbyists have been overwhelmed by firms seeking representation in Washington, as regulators threaten the companies with lawsuits or cease-and-desist orders. Current and former enforcers say those warnings are likely just the beginning.

Over the last decade, the cryptocurrency market has grown from a little-known project shared…

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