Governments can’t stop cryptocurrencies, but they can make it much harder to access them. So it would make sense that unfriendly government policies in the world’s largest economies would play a role in driving down the price of bitcoin. As a case in point, in the few days after China reiterated its crypto crackdown in May, bitcoin at one point plunged by as much as 30%. The drop was another reminder that when China speaks, the market listens. The U.S., it seems, not so much. This month, a highly controversial crypto tax provision in the $1 trillion infrastructure bill passed...