That’s a blatant straw man fallacy. No one here is insinuating that financial institutions are pure and innocent.

If anything, crypto news over the past year has proven one thing: that the crypto space is just as corrupt as “traditional finance,” but with none of the guardrails that make it harder to commit blatant scams.

Society developed immune responses to financial fraud in the form of regulations. They are insufficient and evil people still take advantage of loopholes in the system. However, crypto right now is a living example of how much worse it could be.