Resource: Cryptoslate.com
5 months ago
Date: 23 Nov 2022 - 11:00

U.S. Congressman Tom Emmer said FTXs collapse was not a crypto failure instead it was a failure of centralized finance CeFi Sam BankmanFried and SECs Chairman Gary Gensler in a Nov. 22 Fox Business interview.FTX39s collapse is not a crypto failure. It39s a failure with CeFi GaryGensler and Sam BankmanFried. Decentralization is the point. Watch below for more thoughts pic.twitter.comVYacafc0ZDmdash Tom Emmer RepTomEmmer November 22 2022Emmer said FTXs collapse was also a failure of business ethics government oversight and regulatory oversight.Emmer carpets GenslerThe Minnesota Representative questioned the role of the SEC chair Gary Gensler in the FTX fiasco. He highlighted the meeting between the regulator and SBF in March. Emmer said8220They were working with Sam BankmanFried and others to give them special treatment from the SEC that others arent getting.8221The lawmaker also criticized the SECs failure to investigate bad actors in the crypto space. Emmer wondered what the regulator was doing when several crypto firms like Terra Luna Voyager Digital and Celsius collapsed.Instead he alleged the Commission was working on 8220backroom deals8221 with the bad guys while investigating and prosecuting the good actors in the community.8220We need to get to the bottom of thiswe need to understand why Gary Gensler and the SEC were not doing their job. We need to understand how this was allowed to get to the point where peoples savings are getting hurt.8221Meanwhile the lawmaker said his office was investigating if the SEC chairman Gary Gensler was helping Sam BankmanFried and FTX obtain a regulatory monopoly.Criticizes mainstream coverage of SBFEmmer also criticized the New York Times for writing a puff on Sam BankmanFried. He said he did not understand why the media firm would write such a piece on 8220a guy who mismanaged funds.8221The crypto community severely criticized mainstream media outlets for portrayingSam BankmanFried as a virtuous individual.Emmer absolves crypto of blameThe U.S. lawmaker reiterated that the FTX failure was not about crypto or decentralized finance. According to him the focus should be on centralized finance and the need to regulate it.8220Decentralized finance is not what its about. Its not about the crypto industry this is about Sam BankmanFried and regulators.8221The post US Congressman defends decentralization blames SBF Gensler CeFi for FTX collapse appeared first on CryptoSlate.

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