FTX

Every time there's been an incident in crypto, it hasn't spilled back over to the mainstream until FTX. All were preventable with principles-based regulation that we should have, should have had, and should actually build but don't ask. The third one, which was FTX, was far more like Madoff than like anything else. They simply gambled away somewhere within $8 and $10 billion and stole it from their customers. That's not a systemic risk from crypto. That's a massive theft. And regulations that say stablecoins have to be fully backed makes that not be a problem.