The US government continues to drag its feet on any meaningful cryptocurrency regulations, even as the industry remains overrun by fraud, theft, and money laundering schemes. The digital tokens are being used for human trafficking, extortion, and for-hire harassment.

The extent of some of these crimes is astonishing. Look no further than Nevada, where the state’s US Attorney’s Office alleged this week that Las Vegas native crypto bro Brent Kovar had fraudulently obtained $24 million from his victims through an extensive Ponzi scheme.

He now faces a maximum penalty of 280…