Ultimately, the collapse of the crypto company could lead to onerous federal regulations and the establishment of a federal "digital dollar." The FTX issue isn't large enough, under normal circumstances, to push through such dramatic banking and financial changes, but it is clear that those at the Federal Reserve and many in Congress have been salivating for such changes for years. This could be a fig leaf to justify it. 

The loss of billions of dollars through the collapse of FTX is beginning to echo through the economy. Both private investors and crypto holders lost big in the company's collapse. With nearly 1 million customers, the similarities to previous large-scale collapses are obvious. The criminal charges against Bankman-Fried perhaps offer someone on whom to pin responsibility, but not a means to fix the damage. The purported remedy instead may be the largest fiscal overhaul since the creation of the Fed.