Some of those regulations make sense when crypto or any other asset is being custodied by another firm. But with crypto it is possible to self custody. Unfortun

Some of those regulations make sense when crypto or any other asset is being custodied by another firm. But with crypto it is possible to self custody. Unfortunately, not enough people do it. Most of FTX's clientele were high-risk perpetuals traders. FTX had both a US and offshore location. US regulations do not apply to offshore entities. SBF's parents are financial compliance lawyers and Standord professors. His dad has gone in front of Congress to argue for various tax and compliance regulations. What SBF did was criminal fraud, and he was equipped with world class compliance advice and yet here we are. A brazen theft of billions of dollars by a risk-addicted, self-delusional altruist.