It's like a thief steals all of the money from your bank account, he gets arrested, you file a claim to get your money back from his accounts, but before you can the IRS swoops in to claim all of the money because the thief didn't claim your stolen money when he filed his income taxes. I understand that all of the FTX depositors (technically "creditors") should have read the fine print, but that's what this feels like at least.
from what I have read FTX was the only major exchange that didn't claim ownership over your uninvested funds in the fine print, which is the crux of the situation.
people using them as a wallet were not investing nor getting interest in their deposits.
They're not owed that money. Would take almost $600 billion in payroll or over $100 billion in profit to owe a $44 billion tax bill, and FTX doesn't come close to that.
Gee, I wonder why the SEC isn't happy about exchanges selling unregistered securities to retail investors. They should absolutely have cracked down on it way earlier, but unfortunately regulatory agencies work rather slow.
You threw your money in the local wishing well and are now upset that it got confiscated with your money inside it for unpaid taxes.
It's not a matter of slow. Coinbase has been around since 2012 and it doesn't take 10 years. The SEC had no intent on cracking down and didn't even consider most of the market to be securities at all. Here's Gensler saying so himself in 2018 https://twitter.com/ZK_shark/status/1650689125580668931
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