> Any crypto sceptic who does not see a problem with this is tainted by their priors.

Who is this addressed at? I think most (any?) crypto skeptic would see the problems here and suggest that these exchanges should have been shut down much earlier. The fact that they were allowed to operate so long gave them the veneer of respectability which just brought in more suckers. Coinbase et al knew (or should have known) exactly what they were doing, they were making hey before the regulators caught up to them.

Nobody's claiming that the US legal system is perfect, but here we are. The wheels of justice grind away slowly. At least they're finally regulating these things.