US Congressman Says FTX Was 'A Failure Of Centralized Finance And A Failure Of Sam Bankman-Fried': Why It's Important

US Congressman Says FTX Was 'A Failure Of Centralized Finance And A Failure Of Sam Bankman-Fried': Why It's Important

Instead of calling for more regulation, a leading member of the U.S. Congress is looking for answers to the recent issues facing the cryptocurrency market.

What Happened: Rep. Tom Emmer (R-MN) was on Fox Business, as reported by Decrypt, and during the interview said, “This is not just a failure of FTX. It’s a failure of centralized finance and a failure of Sam Bankman-Fried."

Emmer called out SEC Chairman Gary Gensler in many of his comments, citing the working relationship between Gensler and Bankman-Fried.

“They were working with Sam Bankman-Fried and others to give them special treatment from the SEC that others aren’t getting.”

Emmer asked where Gensler was on investigating firms such as Voyager, Celsius, Terra Luna and FTX. Emmer suggested Gensler was instead going after “good actors” in the cryptocurrency community while working …

Full story available on Benzinga.com