- Congress Reps blame Gary Gensler for the fall of the FTX exchange.
- Claims Gensler didn’t carry out his duties diligently.
- Despite laws put out, authorities failed to examine exchanges properly.
Speculative opinions surrounding the U.S Securities and Exchange Commission (SEC) have always been present for a long time. Though the main notion of the U.S SEC is to maintain security, and protection for assets, mainly digital currently, most of the investors, and crypto based firms are against it.
Throughout time, the SEC has indeed raised up numerous laws, enforced many persistently in order to secure investments, and prevent losses distinctively. On such amends, repetitive rules and regulations have been imposed upon the crypto exchanges plenty of times throughout.
However, a group of Representatives from the Congress have always been against the SEC upon unfair inspections, and failed authorities distinctively. Previously a group has even filed a lawsuit upon the chair of the SEC, Gary Gensler for various issues.
Behind Thrashing of Gensler
Throughout the year 2022, many issues were put forth against the SEC chair, Gary Gensler. Most of the claims were upon illogical regulations, and unfair investigations, of which many have failed. Accordingly, Rep. Torres along with many other Reps filed a lawsuit against Gensler for jurisdictions by the SEC to be improper for the non-SEC regulated entities.
Moreover, Rep.Torres states that when a government fails upon something, the public official representing it is to be entirely blamed. In this case, Rep. Torres ultimately blames Gensler for the fall of the FTX exchange.
In addition, Rep. Torres states that the SEC led by Gensler failed a longtime to incorporate proper investigations, and examinations upon non-SEC exchanges. Also, Rep. Torres adds that Gensler is indeed responsible for the fall of the FTX exchange too.
Previously, Rep. Torres along with others like Rep. Tom Emmer, Rep. Josh Gottheimer, Rep. R-Ohio, and many others sent out a letter questioning Gensler’s jurisdictions for the non-regulated crypto exchanges.
And so, after months, finally the call of investigations upon Gensler is finally taking place. Upon this, the Reps did not mention any specific firm or exchange, but on the whole blamed SEC alone.