Recent events have made clear the need to regulate crypto, an industry that grew from nothing to a $3 trillion market capitalization a year ago, although most of that has now evaporated. But it also seems likely that the industry couldn’t survive regulation.

The story so far: Crypto reached its peak of public prominence last year, when Matt Damon’s “Fortune favors the brave” commercial — sponsored by Singapore-based exchange Crypto.com — first aired. At the time, Bitcoin, the most famous cryptocurrency, was selling for more than $60,000.

PAUL KRUGMAN, a New York Times opinion columnist, writes about macroeconomics, trade, health care, social policy and politics.