How ironic that crypto bros (like me) want a libertarian-yet-democratic user-owned form of currency without government intrusion, and then something like FTX not being overseen by the government tanks all cryptos.

When pretty much any company or industry gets to a certain valuation size, it seems that oversight is an absolute requirement lest things go south quickly, whether intentional or negligent. Government oversight isn't a guarantee of fair play, but it can lessen the risk.