The Texas Congressman urged lawmakers to examine the SECs efforts to prevent fraud at the crypto exchange. 9283 Total views 53 Total shares Listen to article 0:00 News Own this piece of crypto history
Collect this article as NFT The Securities and Exchange Commission (SEC) was asleep at the wheel regarding how FTX Group and its subsidiaries met financial and corporate control requirements, Representative Pete Sessionssaid in the Saturday Report on December 17.
We need to look at what the Securities and Exchange Commission was doing, stated the Texas Congressman, adding that the SEC was asleep at the wheel for these billions of dollars that we now find out about a year later.
The SEC filed charges against Sam Bankman-Fried (SBF), the former CEO of FTX, on Dec. 13, claiming that Bankman-Fried violated the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. In the complaint, the SEC requests an injunction to prohibit Bankman-Fried from participating in the issuance, purchase, offer or sale of any securities except for his own account.
Related:Democrats to reportedly return over $1M of SBF’s funding to FTX victims
SEC Chair Gary Gensler said Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto. The charges came a day after hisarrest by Bahamian authorities at the request of the United States.
Representative Sessions also noted that a year ago, Bankman-Fried testified at a congressional committee hearing, where he was asked about the need for regulatory oversight of cryptocurrencies. Bankman-Fried replied, its just a matter of transparency, according to Sessions.
The Congressman also noted that Bankman-Fried had full access to members of Congress and the U.S. Senate.
Sessions comments follow those of Senator Tom Emmer, who criticized Gensler for his flawed crypto information-gathering efforts, calling on him to appear before Congress to explain regulatory failures.
Emmer also outlined that Gensler hasnt appeared before the House Committee on Financial Services since October 2021, leaving crypto media to fill the void for the SECs failures in investigating. #Congress #SEC #FTX #Regulation Related News Anonymous crypto developers belong in prison and will be there soon US senator calls on SEC’s Gensler to answer for ‘regulatory failures’ SBF misses the Senate hearing but promises to testify to the House: Law Decoded FTX hearing: US lawmakers criticize use of Quickbooks, creepy dough and conscientious stupidity Bahamian securities regulator slams new FTX CEO over ‘misstatements’
