Like all bubbles, crypto’s was bound to burst Manhattan: The collapse of FTX exposes the Wild West nature of the cryptocurrency industry. It is very poorly regulated, if at all — akin to the stock market before the creation of the Securities and Exchange Commission. Very few people actually understand what Bitcoin is, even many of those who loudly extol the benefits of crypto investment. To be fair, stocks and bonds have had a horrible year, too. It can be argued that regulation of equity markets is insufficient, as with special-purpose acquisition companies, for instance. “Bag holders” are not in...