7 months ago
Date: 23 Nov 2022 - 17:21

Tom Emmer the U.S. congressional representative for Minnesota recently spoke on the political meetings and failures surrounding Sam BankmanFried SBF prior to his exchanges collapse.The Republican suggested that BankmanFried tried currying special treatment from the Securities and Exchange Commission SEC through meetings with the agency and attempted to push legislation to the same effect.BankmanFrieds Political RelationshipsIn an interview with FOX on Tuesday Emmer said FTXs blowup was not a failure of crypto but of centralized finance business ethics and government oversight procedures. The congressman said he had major questions about the SECs failure to prevent the disaster.They were working apparently with Sam BankmanFried and others to give them special treatment from the SEC that others arent getting said Emmer. He mentioned meetings the agency held in March with SBF other FTX executives and a U.S.based trading firm that FTX partnered with in April.Sam BankmanFried was pushing specialtreatment legislation through congress. when it was finally revealed what it was and the industry started raising red flags all over the place thats when this thing came apart he added.Emmer blasted Gensler for failing to protect investors from such catastrophes including the fallouts of Celsius Voyager and Terra earlier this year. What is the regulator doing going after good actors in the community and working backroom deals it appears with people who are doing nefarious thingsThe congressman who is also the House Majority Whip first alluded to investigating ties between the SEC and FTX earlier this month. On November 10th he claimed to have received reports alleging that the agency was working to secure a regulatory monopoly for FTX using legal loopholes.The SEC has frequently been criticized for failing to provide regulatory clarity that would help the crypto industry best develop in the United States. Coinbase CEO Brian Armstrong argued that the regulators inaction has pushed trading activity to unregulated areas overseas contributing to investor harm.CME Chiefs Early FTX CalloutAside from the SEC CME Group CEO Terry Duffy also met BankmanFried in March.The executive noted similar red flags about both his character and operations in a conversation with CNBC last week. He said SBF turned down Duffys offer of his crypto franchises worth 30 million as he would have required BaknmanFried to follow his riskmanagement framework.Youre a fraud. Youre an absolute fraud he claimed to have told BankmanFried at the time.In another interview with CNBC on Tuesday he too said he was always suspicious of SBFs closeness with regulators and politicians who were singing hymns about him during his visits to Washington.The post Sam BankmanFried Conspired With SEC for 8220Special Treatment8221 US Congressman appeared first on CryptoPotato.

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