Regulators have to this point tolerated rather than embraced cryptocurrencies. Understanding the limits of their power, they didn’t clamp down on the industry when it was popular and making (some) people rich.  But the crypto moment has passed for now. Bitcoin is down about 60 per cent from its peak. The hype merchants are focused on AI. Regulators have an opportunity to do something.  In a blog post on Friday, Governor of the Central Bank of Ireland Gabriel Makhlouf didn’t pull punches: “The purchase of such products can be similar to purchasing a lottery ticket: you might win but you…

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