And when/where it wasn't, we usually called the place a failed state.
> The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets.
SBF's greatest punishment will not be jail. It will be that he can't show his face in public for fear of running into someone who lost money.
Noone will want to do business with him anymore because of reputational risk.
Ftx most likely had deposits from some really cleaver hackers with real anger management issues. Any parcel he opens could be a bomb.
Prediction: The next mega entrepreneur in the crypto space will be extremely transparent.
I don't know about you, but I'd much rather have a garbage reputation than go to jail for a long time.
(I mean, except for the "Vision Fund" or other BS like that).
But Sequoia's reputation probably took a dump from the latest episode
Vyacheslav Taran, 53: died in helicopter crash
Mircea Popescu, 41: drowned in the ocean
Tiantian Kullander, 30: died in his sleep
Nikolai Mushegian, 29: found dead on a Puerto Rico beach
In some sense, sure they did. He went to jail. And his investors got back 80 cents on the dollar.
https://www.coindesk.com/layer2/2022/11/30/a-self-regulatory...
> A Self-Regulatory Organization Is the Best Way to Advance Crypto While Protecting the Public
> The financial industry, collectively, has greater domain expertise than can be expected of regulators. This reality invites transparent, fully accountable, self-regulation.
I'd think anyone could see that it's virtually all scams atop schemes atop scams, and find grounds to shut it all down.
Of course people who would like to run these scams and schemes would like to self-regulate it.