That's not at all how I interpreted the comment you are responding to.
That is, FTX's customers knew, or most definitely should have known, that FTX (and crypto at large - that is essentially the primary selling point of crypto) was "outside the regulatory financial framework". Yet when things blew up and all these FTX customers lost all their money, there was very little reflection of "Hey, perhaps these financial regulations really do have some purpose.", it was more "I want the government to now enforce the banking laws that I was essentially trying to evade in the first place."
If you look at the superbowl ad, it all looks American style and doesn't say much about offshore. "FTX US all rights reserved." and crypto is volatile it says in the small print. It looked kind of US regulated and US regulators certainly took note when it stole US customers money. https://youtu.be/hWMnbJJpeZc?t=129
SBF wasn't convicted for violating financial regulations (such as maintaining capital liquidity, reporting transactions or meeting KYC requirements). He was convicted of fraud and conspiracy.
Yes, I know, but the type of fraud and conspiracy SBF committed is much easier when you're at a financial institution that essentially has no regulators or auditors keeping tabs on thing.
Just read some of the reports John Ray III, the current "cleanup" FTX CEO, wrote shortly after he was brought in. It was a total clown show, with little to no documentation for things like huge multimillion loans to FTX principals. It's a lot easier to steal money when there is no standardized, auditable paper trail to begin with.
That is, FTX's customers knew, or most definitely should have known, that FTX (and crypto at large - that is essentially the primary selling point of crypto) was "outside the regulatory financial framework". Yet when things blew up and all these FTX customers lost all their money, there was very little reflection of "Hey, perhaps these financial regulations really do have some purpose.", it was more "I want the government to now enforce the banking laws that I was essentially trying to evade in the first place."