Congressman Tom Emmer Says FTX Crash Wasn't Crypto's Fault

- Advertisement -

Congressman Tom Emmer, has held both former FTX CEO Bankman-Fried and Securities and Exchange Commission Chairman Gary Gensler accountable for the collapse of FTX.

“This is not just a failure of FTX,” Emmer said on the Fox Business program. “It was the failure of centralized finance and the failure of Sam Bankman-Fried.”

- Advertisement -

The Republican U.S. congressman also condemned the collapse of FTX as a failure of business ethics, government oversight, and legal procedures.

“The SEC worked with Sam Bankman-Fried to get FTX special treatment from the SEC that others did not receive,” Emmer accused.

The congressman blamed the SEC chairman, saying investigating these companies was what Gensler had to do and questioning where Gensler was when Celsius, Terra Luna, and FTX collapsed.

“We need to get to the bottom of this — we need to understand why Gary Gensler and the SEC are not doing their job,” Emmer said.

Emmer reiterated his belief that the problem is not with cryptocurrencies or decentralized finance. 

He said: “This is about centralized finance, which should be under the auspices of the law and Gary Gensler did nothing. Problem It's not about the crypto industry, this is about Sam Bankman-Fried and the regulators."


See more:

Rate this post
- Advertisement -

COMMENT

Please enter your comment
Please enter your name here

This website uses Akismet to limit spam. Find out how your comments are approved.

Maybe you are interested

Venezuelan money plummets by nearly 40%, crypto is part of the problem

Venezuela's currency, the bolivar, has lost almost 40% of its exchange rate against the US dollar in a month. Coin...

Bitcoin miners' wallet balances keep decreasing

On-chain data analyzed by Glassnode shows that balances on bitcoin miners' wallets have dropped...

CZ: Most governments understand crypto adoption will happen

Binance CEO Changpeng Zhao (CZ) Says Most Governments Know That Accepting Cryptocurrencies...

This could be the longest crypto winter in BTC history

On Saturday, members of the r/cryptocurrency forum discussed how the current downtrend market is a long winter...

Bank of England Starling Blocks Payments for Cryptocurrency Platforms

Starling Bank has informed its customers that the bank is no longer supporting remittances to money platforms...

Related posts

- Advertisement -