{"id":70631,"date":"2022-11-26T10:31:26","date_gmt":"2022-11-26T08:31:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70631"},"modified":"2025-09-08T03:25:18","modified_gmt":"2025-09-08T00:25:18","slug":"us-congressman-says-ftx-crisis-a-failure-of-crypto-industry-regulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-congressman-says-ftx-crisis-a-failure-of-crypto-industry-regulation\/","title":{"rendered":"US congressman says FTX crisis a failure of crypto-industry regulation"},"content":{"rendered":"<p>US Representative Tom Emmer, in comments to FOX Business, criticised SEC Chair Gary Gensler and former FTX CEO <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> <span><a href=\"https:\/\/u1f987.com\/en\/news\/who-is-sam-bankman-fried\">Sam Bankman-Fried<\/a><\/span> amid the crisis surrounding the <span>Bitcoin exchange<\/span>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">FTX\u2019s collapse is not a crypto failure. It\u2019s a failure with CeFi, <a href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\">@GaryGensler<\/a>, and Sam Bankman-Fried. Decentralization is the point. Watch below for more thoughts \ud83d\udc47 <a href=\"https:\/\/t.co\/VYacafc0ZD\">pic.twitter.com\/VYacafc0ZD<\/a><\/p>\n<p>\u2014 Tom Emmer (@RepTomEmmer) <a href=\"https:\/\/twitter.com\/RepTomEmmer\/status\/1595148698170032128?ref_src=twsrc%5Etfw\">November 22, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe FTX collapse is not a crypto bust. It\u2019s a failure of centralized finance, Gary Gensler and Sam Bankman-Fried. The essence is decentralization,\u201d Emmer explained.<\/p>\n<\/blockquote>\n<p>The congressman also mentioned rumors in March 2022 of talks between Gary Gensler and Sam Bankman-Fried about granting FTX a special regulatory regime.<\/p>\n<p>He also said that it is the SEC&#8217;s duty to oversee crypto projects that collapsed, such as <a href=\"https:\/\/u1f987.com\/en\/news\/what-happened-to-celsius-cel\">Celsius Network<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">Terra<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/voyager-digital-files-for-chapter-11-bankruptcy\">Voyager Digital<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe need to figure this out and understand why Gary Gensler and the SEC did not do their job. [\u2026] We need to understand how all of this led to people losing their savings,\u201d added Emmer.<\/p>\n<\/blockquote>\n<p>In July, the congressman accused the U.S. Securities and Exchange Commission of an \u201cunethical stance\u201d toward the digital-asset industry.<\/p>\n<p>In August, billionaire Mark Cuban criticised Gensler for unclear rules for Bitcoin businesses and investors.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, price data and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Representative Tom Emmer criticized SEC Chair Gary Gensler and former FTX CEO Sam Bankman-Fried amid the crisis surrounding the Bitcoin exchange.<\/p>\n","protected":false},"author":1,"featured_media":70632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1181,1403,128],"class_list":["post-70631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-gary-gensler","tag-sam-bankman-fried","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70631"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70631\/revisions"}],"predecessor-version":[{"id":70633,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70631\/revisions\/70633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70632"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}