What caught Bankman-Fried?
Not SEC or CFTC.
It was cryptography.
Self-custody.
People withdrawing cryptocurrency.
Because he could capture regulations.
Legally bribe politicians with donations.
And fake app balances via centralization.
But couldn’t beat Bitcoin’s verification.
There's still so much we don't know about FTX. The investigations will be, and should be, extensive and unrelenting.
But in addition to investigating FTX, we need to know how US regulators got this so wrong.
Until then, none of them deserve more authority to regulate crypto.