- A representative from Minnesota says his office is investigating allegations of a conspiracy between the chairman, the SEC, and the FTX Exchange.
- Emmer claimed that SEC Chairman Gary Gensler was helping FTX and its CEO Sam Bankman-Fried (SBF) acquire a regulatory monopoly in the crypto space.
- Before its collapse, Bahamas-based FTX stood alongside Binance as the world’s largest cryptocurrency exchange.
Tom Emmer, a representative from Minnesota, says his office is investigating allegations of a conspiracy between the chairman of the US Securities and Exchange Commission, the SEC, and the embattled FTX Exchange.
Emmer said his office received reports that SEC Chairman Gary Gensler was helping FTX and its CEO Sam Bankman-Fried (SBF) acquire a regulatory monopoly in the crypto space.
“Interesting. Gary Gensler goes to the media as reports from my office claim that he was helping SBF and FTX work through loopholes to gain a regulatory monopoly.”
he did not present any evidence to support his claim, however, he stated that his office is conducting an investigation into this matter.
Emmer posted the statement on Twitter following Gensler’s interview on CNBC’s Squawk Box, where he commented on the collapse of FTX and its trading arm, Alameda Research. He said:
“This is a very interconnected world in crypto with a few concentrated players in the middle and one of those concentrated players would have the toxic combinations of lack of disclosure, customer money, a lot of leverage, which means borrowing and then trying to invest with that. And then when the markets turned against him, it seems like a lot of customers lost money.”
Before its collapse, Bahamas-based FTX stood alongside Binance as the world’s largest cryptocurrency exchange.
