> One benefit is that you can more credibly offer to keep your promises.

We are yet to see a working example of that.

> Meanwhile, users of FTX depended on government regulation and pinky-swears to keep their money safe, but since SBF owned the platform he could do whatever he wanted.

These two sentences contradict each other. And no, there was no government regulation that insured FTX deposits. There was so little regulation, they didn't even keep their transaction history.