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Congressman Pete Sessions stated in the Saturday Report on December 17 that the Securities and Exchange Commission (SEC) was “asleep at the wheel” questioning how FTX Group and its subsidiaries satisfied the requirements for financial and corporate control.
The Texas lawmaker has called for an investigation of the SEC’s actions and stated that there is “need to look at what the Securities and Exchange Commission was doing,” and added:
“The SEC was asleep at the wheel for these billions of dollars that we now find out about a year later.”
Congressman Sessions also brought up Bankman-Fried’s testimony before a congressional committee a year ago, where he was questioned on the importance of regulatory monitoring of cryptocurrencies.
Apparently in response, Bankman-Fried said, “it’s just a matter of transparency,” as highlighted by Sessions.
In addition to this, the congressman mentioned that Bankman-Fried had “full access to members of Congress and the U.S. Senate.”
SEC Seeks Judgement Against SBF
On December 13, the SEC filed charges against Sam Bankman-Fried (SBF), the former Chief executive of FTX, alleging that Bankman-Fried disregarded the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The SEC is seeking a judgment against Bankman-Fried to prevent him from taking part in the issuance, purchase, offer, or sale of any securities for anybody other than his own account.
The charges were announced a day after SBF was arrested by Bahamian officials at the request of the United States.
Session’s remarks came after Minnesota 6th congressional district representative and attorney Tom Emmer called on SEC Chairman Gary Gensler to explain his failed “crypto information-gathering efforts.”
As evidence, Emmer pointed to the fact that Gensler hasn’t testified before the House Financial Services Committee since after October 5th, 2021. Therefore, “GaryGensler must testify before Congress and answer questions about the cost of his regulatory failures,” as he put it.
The post Texas Congressman States SEC was “Asleep” During FTX Crisis appeared first on Blockchain, Crypto and Stock News.
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