FTX falling because of liquidity issues and costing investors 10's of billions of dollars is a prime example of why the SEC exists to protect people. SEC isn't perfect and I'm sure there are many retail investors out there that hold a similar point of view, but FTX's collapse is quite literally a result of a lack of regulation to protect investors.

FTX would almost certainly be fine right now if they were regulated by the SEC which would have mandated they had adequate liquidity and could have prevented the "Bank run" that essentially happened.