As Warren Buffett has said, "only when the tide goes out, do you discover who's been swimming naked." The "tide" in this case, is the easy money, low inflation era.
The tide has gone out, and the mal–investment is being exposed. That includes high valuation, no earnings tech companies … SPACs … and crypto currencies (to name a few).
Pre-financial crisis, this FTX failure would very likely create waves/shocks in the financial system. After all, FTX has tentacles reaching throughout the crypto universe, major venture capital firms and hedge funds. But the scale, even of crypto in aggregate, is nothing compared to the trillions of dollars global central banks have lobbed around, over the past fourteen years, in response to the many crises.
What this FTX event will do, is give politicians a clear excuse to do what they've already promised: they will regulate away private money, to maintain their monopoly on money.