I actually had Michel Foucault's "Discipline and Punish" in mind when I wrote this. The punishment should discourage the criminal from committing other crimes. With the huge debate around capital punishment being inhumane, the bar for punishment is clearly not what it used to be during the Middle Ages. You're right, though. We need a more effective way to deter white collar crime. One example could be to ban people from doing the very thing that got them into trouble in the first place. For stock-market frauds, it could be a permanent ban on trading in stocks. For SBF, it could be a permanent ban on anything crypto. Of course, these have their own share of pluses and minuses, but they may be effective deterrents.