As many of you are aware a major US Bank is collapsing triggering a cascade of financial damage.
This post should be flared as comedy as I find it hilarious that despite all of the regulatory bodies that exist within the US, a “regulated” bank that is “insured” is actually insolvent in a very similar comparison to the FTX and SBF.
The entire financial system is a joke, no different than the financial “box” SBF created to raise capital on FTT.
The need for decentralized financial systems was born out of the ponzi scheme that was the 2008 banking system, and it will continue to show its prevalence through this storm.
What is everyone’s opinion on the contrast of these two situations that are apparently linked?
TLDR/ US regulators are screaming about regulating crypto when you have “regulated” banks that are fraudulent. The financial system in the US is a joke.
submitted by /u/gibro94