It's not really a legal grey area, congress deliberately writes vague laws so that administrative agencies can interpret and fill in gaps during their rulemakin

It's not really a legal grey area, congress deliberately writes vague laws so that administrative agencies can interpret and fill in gaps during their rulemaking process, which would then receive deference from courts if challenged and effectively become judge, jury, executioner. At this point I'm surprised that they haven't delegated out all the naming of post offices to some agency. Too bad the press release here is also hot garbage. For one, it's heavily based on speculative notions of what happened. Secondly, the withdrawal notice IS regulatory, and LedgerX is the legal entity that made the request. Changing it would look far more suspicious than following procedure. Also, what sort of regulation could have stopped this is very much an open question, since the whole phenomenon of affiliates, subsidiaries, and everything that led to FTX and FTX.US offering different products to different customers is entirely a product of anticipating or compliance with regulations, keeping in mind that FTX doesn't only operate in the US and some amorphous world but actual countries with their own regulatory frameworks. And the revolving door is effectively inevitable - those who are engaged in the field with any expertise on specific regulations is going to be a very small pool, and this goes for a lot more industries than CEXes, especially in technical fields and it doesn't even need to be rocket science. Courts and attorneys are setting a lot of junk precedent that will never be relevant or end up counterproductive because they don't know how CDNs work and some of the opinions from DMCA suits against absentee defendants are entirely based on infringement arising out of Cloudflare IPs while defining incidental (non-purposeful) availment of service as insufficient. Without a revolving door, it'll become farcical because you'd end up the equivalent of asking a dentist to do brain surgery. Without competent counsel, and facing down regulatory pressure, you will just lose the industry all-together, which is the apotheosis of an unregulated market because all activity is either underground or out of jurisdiction. The US is a big market, but nobody wants to go through what Ripple is going through, and calling it a regulatory failure when undercollateralized derivatives were offered on ftx.com but not ftx.us wasn't some 4D chess move but self-preservation, like Binance eventually did. I also can't figure out the logic behind the rationale that can include both "CFTC failed to regulate" and "CFTC should regulate more". 100 x 0 = 0. CFTC has acted incompetently before - like treating all holders of a token as an active member of a DAO in an enforcement action, seemingly forgetting that I can send anyone a few tokens, or hell, an offensive NFT for that matter, and there's not much you can do to stop that even if you catch it. Although reading bettermarkets I can't help but notice that its critiques are almost always on the regulators and their incompetence and the solution is... more regulation. They depict what can only be described as a fantasy world where crypto - that is all crypto, which is not a monolith - is the boogeyman while in reality, crypto is given the exact opposite of the too-big-to-fail treatment. > The key to that influence campaign is to buy as many former public officials and regulators as possible to gain access to their expertise, inside knowledge, and networks developed when they were supposedly working in the public interest. The importance of those revolving door hires cannot be overstated because they not only enable ready access to current policymakers and regulators, but also to the inside knowledge that enables crypto to precisely tailor and target their strategies to be optimally successful. Are they deliberately misleading the reader or genuinely talking out of their ass? You hire regulators for compliance, because the tech moves too quickly, and optimally successful strategy? Even MEV bots get salmonella. Not to mention that academia has much of that covered. Then, I checked out their CEO's litigation record on courtlistener and found that until last year he was at some big law defending predatory lenders. Well, there you go.