From the article:

“The fact that an offshore hedge fund that was basically a crypto firm was buying a stake in a tiny bank for multiples of its stated book value should have raised massive red flags for the F.D.I.C., state regulators and the Federal Reserve,” said Camden Fine, a bank industry consultant who used to head the Independent Community Bankers of America. “It’s just astonishing that all of this got approved.”

So much for regulators/regulations.

This is the kind of regulations that exist supposedly to hold accountable traditional finance and makes it an allegedly legitimate industry.

One should wonder at which point we will have to deliberately stop unraveling this thread, before it gets really ugly for everyone... it might not be just crypto-exchanges that are completely rotten.

> Which set of supposed regulators approved this purchase

I would bet none. This looks like an illegal transfer of control. If shown, that gives us the thread with which to finally topple Tether.