SBF did what he did outside the system because that's the only way he could have committed fraud like this. He ran a literal ponzi scheme, something the SEC wa

SBF did what he did outside the system because that's the only way he could have committed fraud like this. He ran a literal ponzi scheme, something the SEC was created to combat and that Bernie madoff ramped protects against up to 11. He could not have pulled of this scheme without unregulated securities, that was the point. Say what you will about finance, but the fact is you get a ton of information and protection when you go through the system. Bypass it at your own peril.