…which until recently was 'LedgerX' (still its domain name), & wasn't part of the bankruptcy filing, seems to be operating normally, & has reassured customers their assets are, per its regulated processes, separately custodied (not with the unlicensed/offshore FTX).

So while it takes some time for these things to unravel – it could be the next domino to fall! – there is at least a plausible story that the actual CFTC-licensed entity here (fka LedgerX) was spared the theft & bankruptcy.

That would be a credit to the CFTC's regime, rather than the knock portrayed here.

(I believe that this spin comes from a advocacy group for maximal regulations, firing a salvo to support its factions in DC, taking advantage of confusion about which related but legally-distinct entities are licensed.)