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US Congressman Backs Crypto Industry And Blames FTX Issue on SEC

Published 2022-12-20, 08:33 a/m
© Reuters. US Congressman Backs Crypto Industry And Blames FTX Issue on SEC

  • Tom Emmer believes FTX’s failure was the fault of regulators and its former CEO.

  • The congressmen said centralized finance should be under US regulation.

  • Previously, crypto influencers pinned FTX’s ruin on its rival Binance.

Tom Emmer, a US congressman, is backing the crypto industry, arguing that the collapse of the FTX exchange was not the failure of crypto by itself but a fault of centralization. The US representative expressed this sentiment on a live TV with FOX business news yesterday.

Commenting on the billions of dollars FTX customers lost to the firm, Emmer energetically contended that the matter was about the former CEO Sam Bankman-Fried and the regulators who failed to detect the fraud before it happened.

Emmer added that centralized finance needs to be under the US regulatory umbrella. However, according to him, the current chairman of the Securities and Exchange Commission (SEC), Gary Gensler, ‘has done nothing about that.’

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