Patrick McKenzie

It's really this thing.

This is totally clean.

I'm like, you would not be having this conversation with me if it was totally clean.

You need a money launcher.

So the definition of money laundering is like extremely stretchy and like taffy.

And there's a spectrum of people, much like there's a spectrum of sophistication and financial fraud.

There's a spectrum of sophistication and money laundering.

So if you want to look at probably the most sophisticated money launderer in history, he's currently a guest of the U.S.

government, but wherever SBF is staying.

He was sophisticated?

Oh, this is a disagreement I have with a lot of people.

SBF was extremely sophisticated.

Like a person, not just SBF.

I think people like identify him uniquely, right?

They identify the inner circle uniquely as being at fault here.

There was an entire power structure there, which was extremely adept at figuring out how power worked in the United States and exercising it towards their own ends.

And then it blew up.

But until then, goodness, like, you know,

they decided we need regulatory licenses.

They're called money transmission licenses in the United States.