As China’s cryptocurrency entrepreneurs continue to drive a leverage craze that has wired new systemic risks into the global financial system, the Trump administration is giving the crypto industry free reign. The Chinese Communist Party wants no part of it.
Illustration by Pete Ryan
One Friday evening last October, U.S. President Donald Trump reignited the trade war with China. In doing so, he also inadvertently triggered the largest meltdown in the history of the cryptocurrency industry.
Trump announced new 130 percent tariffs against China on October 10, in response to China’s plans to tighten restrictions on exports of critical rare earths. China responded that it was ready for a prolonged battle. “If you wish to fight, we shall fight to the end,” Chi
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