To his credit, Securities and Exchange Commission chief Gary Gensler is arguing that the Sam Bankman-Fried crypto scandal doesn’t mean we need more regulations to rein in digital-coin excess and fraud. Laws are on the books that give the current regulatory and legal system plenty of tools to prosecute bad actors. Plus theft has been illegal since the beginning of civilization.
But if our regulators are properly armed, how did the furry-haired alleged fraudster get away with something that could rival the wrongdoing of the notorious Bernie Madoff and his $65 billion Ponzi swindle?
