Congressman Richie Torres accused SEC Chairman Gary Gensler of mediocre leadership and said that in reality the Commission does not have any control over the situation in the cryptocurrency market.
US Congressman Ritchie Torres has asked the US Government Accountability Office to conduct an independent investigation of the Securities and Exchange Commission (SEC) and its chairman Gary Gensler. The official insists that it was the actions or inaction of the SEC that led to the collapse of the FTX cryptocurrency exchange.
Torres argues that there is nothing behind Gensler’s words about the exclusive control of cryptocurrency exchanges, and in fact the SEC does not control anything. If the Commission does have the powers its chairman claims, why didn’t it uncover the biggest fraud in US history, Torres asks.
“If the Commission had conducted a thorough investigation into the financial performance of FTX, we would have been more likely to recognize in the crypto exchange a fraudster who is gaining his own worth and wasting other people’s money,” the congressman said.
In general, the congressman attacked Gensler specifically, calling him a “political appointee” and his actions “populist.” According to Torres, under Gensler’s leadership, SEC employees have become extremely demoralized, and the layoff rate has reached the highest level in the last decade.
Earlier, Congressman Tom Emmer made similar accusations, stating that the collapse of the FTX crypto exchange is not a failure of the crypto industry, but of DeFi and unsuccessful SEC policy.
Source: Bits
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