Crypto gave fed regulators a long line of easy targets who inherently were resistant to following the Wall St written rules of the time. It’s like fish in a barrel.

The long storied history of these regulators preferring going after these (relatively) small new/outsider fish vs the big firms with teams of lawyers who spend all day following 90% of the laws, designed with them in mind and often written by them, in order to make hundreds of billions off the grey areas + 10% vaguely written laws… continues to remain well in-tact and as emboldened as ever.

Whether Wall St finance provides any real long term value to the wealthiest society in history given such a highly regulated market we’re all supposed to trust is an open question.

Yet every time big financial panics happens the reply is: Surely the solution is more moral hazard inducing fed messaging to maintain status quo + regulations (written/enforced by their ex employees) to exclude any completion replacing them… instead of reforming hiring of regulators, looking at the obvious suspects, and enforcing existing law.