¡°Crypto is a complete 5sideshow, ok? Cryptocurrencies don¡¯t do anything.¡±

The CEO of JP Morgan Chase, Jamie Dimon is repeating his 6criticism about digital coins. And with so many negative developments this year, has 2022 been the worst year for cryptocurrencies?

¡°Crypto tokens are like 7pet rocks and and and people 8hype this stuff up.¡±

Dimon has testified before congress calling for more crypto 9regulation. Meanwhile, lawmakers say they¡¯re closely monitoring the crypto space and aiming to protect Americans.

¡°We¡¯ve done a series of hearings exposing the problems with crypto, the problems for consumers, the problems for our economy.¡±

It comes after the 10meltdown of FTX which was one of the biggest crypto exchanges in the world until last month when it failed after it couldn¡¯t cover a sudden wave of customer 11withdrawals. The demise sent the price of Bitcoin and other cryptocurrencies 12tumbling more than 60% this year. The founder of FTX has agreed to testify before congress.

¡°I mean, look, I I¡¯ve had a bad month.¡±

But is the worst over? Experts say crypto is notorious for both plunges and epic comebacks. And for investors, here¡¯s what you can expect next year. Senators say they¡¯re working with federal agencies to further regulate crypto.

¡°We need to make sure that crypto doesn¡¯t harm our economy here and doesn¡¯t contribute to 13illicit finance.¡±