Washington wakes up to Covid-fueled investment risks as crypto, SPACs tank

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A wave of pandemic-era speculation in Bitcoin and new shell corporations known as SPACs is crashing, and Washington policymakers are scrambling to come to the rescue of investors.

After a year of letting markets run wild, lawmakers are calling for a crackdown amid concern that many small investors are about to be burned. The move for government intervention is increasingly bipartisan as markets gyrate, setting up a clash with business interests.

Senate Banking Chair Sherrod Brown (D-Ohio) urged the Biden administration’s new bank cop to stop issuing licenses to financial firms at the heart of cryptocurrency trading. Sen. John Kennedy, a Louisiana Republican, is proposing the

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