Whether or not certain coins are securities is a separate issue that has nothing directly to do with exchanges cheating customers and losing their money, which

Whether or not certain coins are securities is a separate issue that has nothing directly to do with exchanges cheating customers and losing their money, which is what happened in the case of FTX. They traded with customer funds (and apparently massively lost) and SBF even used some of that money to bribe politicians. Look at all the political donations he's made: https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-bid... So here's a private company that acts like a bank and like a commodity/securities exchange, but it's completely unregulated. Or else how can they simply lose 9 billion dollars without anyone noticing for months until a run on withdrawals makes it apparent that they're insolvent. In the past there were multiple other cases of such companies "losing" user funds or "getting hacked", as they often put it. And the guy running the biggest fraud of them all, SBF is all over Washington meeting with regulators and telling them crypto needs more regulation! It's an absurd situation. They're going after decentralized finance apps and the EU wants to regulate wallets, all of which are on chain and transparent, while people like SBF have for years been allowed to run these exchanges with no oversight whatsoever. The worst part is most people do not understand any of it and will think this comes down to cryptocurrency being shady, while the actual use of blockchains fixes exactly this problem. It's the shady off-chain deals where the money disappeared and none of the users could have known what was going on, because SBF, FTX and Alameda (which are essentially all the same entity) lied about it. Regulation of financial institutions is a joke.