The situation at SBF is reminiscent of the Lehman debacle, which is concerning for the industry. The fact that it involves SBF, after years of lobbying politicians and promoting crypto's benefits, and the significant investment by VC funds in FTX, only exacerbates the issue. The collapse has greatly damaged SBF's credibility, as well as the crypto sector's reputation. His previous reputation as a financial expert and advocate for crypto has been tarnished, with negative implications. SBF has gone from being viewed as a financial mastermind to someone who mismanaged billions of dollars of capital, which is not a good look. It is hoped that the industry will not face excessive regulation, but some regulatory response is likely. Whether it will be beneficial or harmful remains to be seen. Ultimately, this development makes it challenging for newcomers to enter the industry for the long term, in my opinion.