WSJ Opinion: The FTX Crypto Crash and the Moral Vanity of Sam Bankman-Fried Play video: WSJ Opinion: The FTX Crypto Crash and the Moral Vanity of Sam Bankman-FriedBefore FTX crashed, crypto lobbyists and many politicians were complaining loudly that crypto trading was being unfairly denied full participation in banking and finance by overly cautious regulators. We should thank our lucky stars that somebody showed good sense. Granted, crypto trading looks a lot like the forms of finance we’re all familiar with. It’s made up of things called “exchanges,” “brokers,” “lenders,” “deposits” and “hedge funds.” The financial press breathlessly reports their every move. Crypto also carries the special mystique of the blockchain, which has let traders treat critics as anti-innovation Luddites.

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