Happy Friday, Fortune Crypto readers. The week has been an eventful one with several days of jaw-dropping testimony in Sam Bankman-Fried's trial, which continues today and will likely span into next month. The FTX founder's one-time romantic and business partner, Caroline Ellison, hasn't disappointed as a star witness, sharing many new details about Bankman-Fried's operation, which appears more and more to have been a criminal conspiracy from the beginning.
One of the nuggets from Ellison's testimony that hasn't received much attention among the more lurid revelations concerns Bankman-Fried's view of financial regulators. By all indications, he did not view them as neutral referees of market participants, but rather as agents he could co-opt to expand his corrupt business empire. As one summary of Ellison's testimony put it:
