According to the member of the US House of Representatives Tom Emmer, the US regulator has failed the regulation reform. In a commentary on FOX Business, he criticized SEC head Gary Gensler and former FTX CEO Sam Bankman-Fried over the bitcoin crisis.
FTX’s collapse is not a crypto failure. It’s a failure with CeFi, @GaryGensler, and Sam Bankman Fried. Decentralization is the point. Watch below for more thoughts 👇 pic.twitter.com/VYacafc0ZD
— Tom Emmer (@RepTomEmmer) November 22, 2022
“FTX collapse is not a crypto failure. This is the failure of centralized finance, Gary Gensler and Sam Bankman-Fried. The point is decentralization,” Emmer said.
In addition, the congressman recalled the rumors about the conversation between Gensler and Bankman-Fried in March 2022 about the possibility of granting FTX a special regulatory regime.
He also called the responsibility of the SEC to control such failed cryptocurrency projects as Celsius Network, Terra and Voyager Digital.
“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 all came to people losing their savings,” Emmer said..
Earlier, in July, the congressman also spoke out to the US Securities and Exchange Commission, accusing them in an “unethical attitude” towards the digital asset industry.
