Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning. The market cap of cryptocurrencies has grown to the point where mainstream financial industry players are jumping on the blockchain bandwagon with greater fervor than ever. NFTs make headlines (and paydays) for famous and obscure celebrities alike. Meanwhile, regulators in Beijing and Washington are ramping up their efforts in the space, each in its own way. In China, the moves are headline-grabbing and interventionist, while in the U.S., the approach is shambolic, incrementalist, and heavily influenced by the industry subject to the regulation. But both...