just don t understand crypto they understood it well enough to not regulated. eight members of congress understood it well enough to send the ece a letter pushing them to go light on them. and have the cftc, which is much more gentle, regulate them so this argument that, man, congress doesn t understand it, they understand it damn well enough to take millions of dollars. the only part of that i disagree, with stephanie ruhle, is the idea that congress needs to understand this industry to make take their money. that s never been the case in any major industry or in any technological bubble or any new technological fad, if that s what you think crypto is. there is money to be made here the. congress has been very much a lagging indicator when it comes to regulating new industries. and if there was money to be made and money to be spent, congress was willing to take it. but any effort that has begun on regulating crypto has failed to get off the ground so far. i think in the next co
regulating crypto. this is obviously a pretty complicated story. so let s get into it with our very best. joining me now is tom winter and to explain ftx and crypto, cnbc s senior analyst, ron, and senior financial reporter, gretchen morganson. so, tom, walk us through the indictment. reporter: so basically what the u.s. attorney s office and the sec are alleging here today is that sam bankman-fried conducted what would be a classic fraud scheme of taking money from others and instead of putting it where they thought it was going to go, he used for it own private hedge fund called alameda. he along with several others who are nominated, but known to the grand jury, sort of raises the questions could we have other individuals charged. saying they put it into these