> 4. White House Monitoring FTX Collapse, Calls for Crypto Regulation
Officials were precisely busy receiving gigantic bribes (well, "donations", the biggest ever made from any sector after those made by George Soros) from SBF/FTX to draft legislation giving the CFTC jurisdiction over crypto exchanges. And who was the chief lobbyist of FTX? An ex-CFTC commissioner.
Let that sink in: the main FTX lobbyist was an ex-CFTC commissioner lobbying for a legislation giving... Full control of crypto exchanges (including the decentralized ones) to the CFTC.
You cannot make that shit up.
So crooks running scams have drafted a legislation that'd give them complete control over crypto exchanges.
The ongoing legislation, if it passes, is the one drafted by the very villains who were planning to execute the biggest scam ever (he was obviously after pension funds and sovereign wealth funds: there was no limit to his megalomania).
As Erik Vorhees just blogged:
“The complex derivatives and custody issues which froze financial flows in 2008, back when safe, regulated financial institutions had no idea who owned what and markets collapsed under the layers of counterparty risk... these would not (can not!) happen in DeFi."
"Have they even learned how to use it? How many of those drafting crypto laws have ever actually executed a DeFi loan?”
“Yes, DeFi removes some of your power as regulators... but it solves the problems you’ve been trying to regulate. Isn’t that more important?”
I do honestly think that the villains just got caught with their hands in the cookie jar.
The master evil plan was much bigger than that what actually happened but, thankfully, everything crashed, creating a run to safety and immense selling pressures everywhere and put a stop to the FTX/Alameda shitshow.
Crypto haters are going to hate, but here's Erik Vorhees' messages to the (both totally clueless and corrupted IMO) officials.
It would be nice if the crypto haters were to read the following with an open mind:
https://www.moneyandstate.com/blog/sophistry-and-the-savior