FTX's fraud wasn't a failure of US regulation.

There are many laws on the books that prohibit US exchanges from trading customer funds. FTX was a Bahamian exchange, not a US one.

But, if FTX had US customers (by VPN), then it *was* a failure of US regulators, both SEC and CFTC.

— Jake Chervinsky (@jchervinsky) November 14, 2022