This is an obvious case of corruption of our government. No one was regulating because they didn't want to regulate it.
This is why there needs to be things like campaign finance reform and people should seriously go to jail without chance of being pardoned for these types of crimes.
Willful ignorance of this shit should have been considered aiding & abetting theft.
But no, no one will go to jail because the rich and powerful never go to jail. They didn't get rich and powerful by not being corrupt.