Congressman Calls For Investigation On SEC Chair’s Involvement In FTX Collapse!
Congressman Calls For Investigation On SEC Chair’s Involvement In FTX Collapse!
Opening An Investigation
Recently it was revealed that Democratic congressman Ritchie Torres had sent a letter sent on Tuesday to the Government Accountability Office (GAO) calling for the investigation into the Security and Exchange Commission (SEC) and their lack of action and accountability as regulators leading up to the collapse and bankruptcy of FTX.
In the letter, Representative Torres specifically called out the SEC’s Chair Gary Gensler and his failure to properly regulate the crypto exchanges despite countlessly claiming that there is no need for legislation from congress.
Democrat Congressman Ritchie Torres has opened an investigation into how Gary Gensler has “fundamentally failed as a regulator” on FTX. pic.twitter.com/Fhgz7ICTl5
— J.W. Verret, JD, CPA/CVA 🗡 🛡 🏴 (@JWVerret) December 7, 2022
“If the SEC has the authority Mr. Gensler claims, why did he fail to uncover the largest crypto Ponzi scheme in US history? One cannot have it both ways, asserting authority while avoiding accountability.” Torres wrote.
“When it comes to FTX, Chair Gensler fundamentally failed as a regulator, and he has no one but himself to blame.”
Related: Kevin O’Leary Reveals Why He’s Still Defending Sam Bankman-Fried (SBF)!
Criticising Gensler & The SEC On FTX Collapse
Representative Torres then goes on further to criticize the SEC’s actions and lack of responsibility, pointing out that the regulators had rather chosen to focus their resources on investigating celebrities like Kim Kardashian rather than crypto exchanges like FTX.
“The operating principle of the SEC must be protection for the investing public, rather than publicity for the political apointee in charge.” Torres wrote.
Torres argues that if the SEC and Gensler had focused their resources on properly investigating FTX, specifically their funds and financials, that many more investors could have been saved from having their investings lost.
“If the SEC had done the due diligence of thoroughly investigating the financials of FTX, there would have been a greater likelihood of exposing the crypto exchange for what it truly is: a house of cars built on monopoly money printed out of thin air.”
Related: Binance’s CZ: ‘SBF Was One Of The Greatest Fraudsters In History’
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