The issue of how best to regulate cryptocurrencies came to the fore in 2022, with the spectacular implosion of crypto-exchange FTX prompting plenty of soul-searching. The upheaval appears to have paved the way for what is likely to be the big regulatory story of 2023: how best to rein in the excesses of the new ledger-based technologies. Yet as officials around the globe grapple with the challenge, our London-based reporter Phoebe Seers tells us there’s no clear path forward.