Representative Tom Emmer believes the Securities and Exchange Commission’s (SEC) blunders are to blame for FTX’s collapse. Its strategies regarding handling cryptocurrency-related issues leave something to be desired.
Tom Emmer denounces a not very crypto-friendly SEC
” We’re all the more concerned now that we’ve seen his strategy fail Celsius, Voyager, Terra/Luna – and now FTX. »
Recently, the member for 6e District of Minnesota’s Tom Emmer accused the SEC of being primarily responsible for FTX’s downfall. In his November 26 tweet, he said to himself, “ concerned by the way the SEC viewed the situation.
” We were concerned in March that Gary Gensler was taking an indiscriminate and inconsistent approach to monitoring the crypto community. “, he added as a comment.
As a reminder, Emmer and seven other MPs sent a letter to Gary Gensler on March 16. They have, on occasion, denounced the blunder made by the SEC during the development of rules relating to cryptocurrencies. She reportedly arbitrarily monitored the crypto ecosystem as a whole.
However, regulations are supposed to protect citizens from predators. Judging by the rise in casualties related to the collapse of FTX, Terra, Voyager, and Celsius, we can say that Gary Gensler and his team have failed in their responsibility.
Gary Gensler summoned by Republicans to testify
” Congress shouldn’t have to learn the details of the SEC’s oversight program through stories planted in progressive publications, and we look forward to @GaryGensler’s public testimony before the @FinancialCmte. »
It should also be noted that Representative Emmer had already asked the SEC to reduce red tape and red tape which hinder the development of the crypto sector. This is indeed a lack of inconsistency displayed by the agency, and as a corollary, crypto-blockchain companies will be demotivated.
The recent fall of FTX has prompted American elected officials to review the SEC’s modus operandi. The latter has indeed committed some awkwardness to the point of demoralizing certain crypto players. In addition, the alliance established with Sam Bankman-Fried would disadvantage the SEC, now accused of bias. In any case, it really excels in defeating centralized finance (CeFi).
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