Tom Emmer criticizes Gary Gensler for FTX’s misdeeds

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Tom Emmer criticizes Gary Gensler for FTX's misdeeds

Senator Tom Emmer, a Republican who supports cryptocurrencies, has once again taken aim at Chair Gary Gensler, claiming that the regulator was aware from the start that Sam Bankman- Fried’s was fraudulent from the moment it was created.

Emmer shared a statement on Twitter from the SEC’s court filing against SBF which reads “From the inception of FTX, Bankman-Fried diverted FTX customer funds to Alameda, and he continued to do so until FTX’s collapse in November 2022.”

Emmer tweeted “This is egregious considering he had more meetings with Bankman-Fried than anyone in the space to discuss a crypto regulatory framework designed to benefit FTX alone.”

Tom Emmer stated that although Bankman-Fried is being held in jail, FTX’s new Chief Executive Officer John Ray is aiding the committee in its probe into the crimes committed by SBF.

“Ray agreed to supplying my office with communication between FTX and the SEC as well as insights into the nature and magnitude of FTX’s investment into IEX,” Emmer added. “My office will also get details into the nature and extent of FTX’s investment into IEX.”

To examine the degree to which the SEC participated in secret regulatory conversations with FTX and IEX to the disadvantage of American investors, the office of Emmer is happy to assist with Ray’s team.

Emmer has never been shy in voicing his disapproval of Gensler and the way he handled investigations connected to cryptography. When FTX was on the verge of filing for bankruptcy a month ago, Emmer made the allegation that Gary Gensler had been assisting FTX in gaining a regulatory monopoly.

Since the fall of FTX, one of the most discussed issues has been Gary Gensler. Members of the community have said that SBF has close relationships with the head of the SEC, which enabled him to get away with all of his fraudulent schemes.

Over four thousand messages were sent to Congress through the Connect to Congress app by CryptoLaw.com last month, requesting that an investigation be conducted into Gary Gensler’s ties to FTX. Gensler was a professor at the Massachusetts Institute of Technology (MIT), which is where Bankman-Fried received his degree.

Compiled by Coinbold

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