Quote of the Day

Yes, the CFTC might not have been able to prevent the FTX debacle. Frauds happen. But the agency has consistently acted as a friendly champion of a fraud-riddled dumpster fire it purportedly wants to supervise.

—Financial Times

I am not sure hot to best solve the problem of regulatory capture of agencies, but a good start would to be to fold competing agencies, like the CFTC, FINRA, and SEC, or the FDIC, OCC, NCUA, Fed, etc, into one agencies so that they don't compete for resources with a race to the bottom.

One need only look at the sordid history of the now-shuttered OTC to see what happens.