If the SEC would have created clear guidelines and also allowed a Bitcoin ETF this wouldn't have happened...

Everyone is blaming SBF and FTX for what happened, and that is rightfully so. They are the ones that technically pulled the trigger here...

However, if we rewind the clock a few years, this likely never had to happen had the SEC been more proactive in supporting the industry and protecting investors.

If the SEC had approved a physically backed bitcoin ETF years ago and if they had made clear guidelines for which exchanges and projects could operate under, encouraging innovation, investors never would have put so much money in offshore unregulated exchanges.

If the SEC had allowed banks and brokers to custody crypto and not have to record it on their balance sheet, they could have been the custodians here and not an unregulated crypto exchange.

By doing nothing, the SEC gave people no other choice...

They were going to get involved in this asset class no matter what, the only thing that was up for debate was what products there were going to use.

Had we had fully regulated and available options here in the US, FTX and SBF would have never gotten so large and this collapse never would have happened or caused so much damage when it did.

I blame the SEC...

I'm not the only one apparently:

https://www.fnlondon.com/articles/the-sec-rule-that-stands-to-cost-ftx-crypto-customers-billions-20221122