FTX was registered with and licensed by the CFTC, which failed to regulate FTX
There are multiple agencies that BOTH claim the right to regulate crypto AND refuse to actually do so.  The SEC in particular is very vocal and brings cases against crypto users.  But is actively avoids any case where a court might be asked to rule on whether it actually has the authority or where someone with the money for a real legal battle is the defendant.  On top of that, there are 50 state governments all randomly passing non-sense.<p>This mess is fundamentally the fault of congress which has refused to address the question.  And it is congress that should make this decision, not the courts, both in a legal and democratic sense.<p>As much as I&#x27;d like to see regulators dragged over the coals for talking big, and offering (or demanding) registration but actually doing nothing, it&#x27;s politicians that have watched this grey legal space turn into a black hole and done nothing.