US Congressman Tom Emmer: “The FTX Crisis is a Failure of Crypto Industry Regulation”
Member of the US House of Representatives Tom Emmer has criticized the head of the SEC, Gary Gensler, and the former CEO of FTX, Sam Bankman-Fried, amid the crisis of the crypto exchange.
He has explained:
“FTX collapse is not a crypto failure. This is the failure of centralized finance, Gary Gensler and Sam Bankman-Fried. The point is decentralization.”
The congressman has mentioned rumors about a conversation between Gensler and Bankman-Fried in March about the possibility of granting FTX special regulatory treatment.
He has also called the responsibility of the SEC to control such failed cryptocurrency projects as Celsius Network, Terra and Voyager Digital. He has added:
“We need to get to the bottom of this and understand why Gary Gensler and the SEC didn’t do their job. We need to understand how it came to people losing their savings.”
