Question: the head of the SEC says crypto regulation is ok (Even After FTX, S.E.C. Chair Sees No Need for New Crypto Laws – The New Times ), but can this be right?
Answer: the FTX debacle appears to be fraud related but brazen enough to fool sophisticated investors and the regular punters for only a few years. The fact that the fraud lasted a fraction of the time the Madoff Ponzi scheme lasted does give some indication the that the regulation works. Also, remember a large proportion of crypto investors are anti-government, anti-regulation, anti-fiat, anti-permissions, etc. so it is little wonder that the pressure to regulate crypto in the same way as securities was limited.