"Our circus has burnt down, and all of the clowns have nowhere to go. “Effective altruism”, millions of dollars in lobbying, and an unprecedented bull market meant that many turned a blind eye to FTX and Alameda’s predatory tactics. But once it became clear that they were playing by their own rules (and still losing), the facade suddenly slipped. A brief stint as a regulatory mouthpiece, trying to appeal to politicians and financial authorities, had already turned SBF into an enemy in the eyes of the community. Then following the publication of his proposed guidelines for crypto regulation, he lashed out at criticism, while struggling to defend his new beliefs, and mocking the competition about who was in the driving seat for regulatory capture."