US Republican party's newly appointed majority whip criticized SEC for FTX
US Republican party's newly appointed majority whip criticized SEC for FTX

US Republican party’s newly appointed whip criticized SEC for FTX

Tom Emmer, who is newly elected and represented from Minnesota as a whip for US Congress. Recently Emmer has been publicly very harsh on the work outcomes of the US securities and exchange Commission with the former CEO of FTX And how the SEC has been regulating the cryptocurrency market in America.

Tom Emmer has blamed the US SEC chair Gary Gensler, for creating all the mince into the Crypto industry at present. Emmer Mentioned that it is not just the failure of the FTX platform but it is also the failure of the centralized system which has been responsible for the failure of the former CEO of the FTX platform Sam Bankman. 

What are the views of the new whip of the US congress about crypto?

Emmer the newly appointed US congressman from the Republican Party of the US, who has been acting as a Whip in the US Congress also contended the collapse of the FTX platform along with the failure of the Business Ethics of the US government and The oversight of US government for working on the regulation processes and to the cryptocurrency industry along with the meetings of the Sam Bankman with Gensler

Emmer Further criticized that the SEC and its officials were working with Sam Bankman in the Crypto industry and SEC was giving special treatment to Sam Bankman and his team which was not given to other companies in the Crypto industry. Newly appointed congressmen depicted huge ire towards the present SEC chair stating that there were no proper investigations into the companies like Celsius, Tera Luna, Voyager, and present FTX while their licensing and every year financial reports in the US. 

US Republican party's newly appointed majority whip criticized SEC for FTX
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The congressmen further questioned whether the SEC chair was following the so-called good actress in the crypto community and why they didn’t ask about the credibility of these companies balance sheet loopholes and the performance matrices and how they allowed their background deals in the Crypto industry.

As per the views of Emmer, Sam Bankman was able to get some special treatment from the legislators of Congress during the foundation or progression of the FTX platform and all these internal connections of Sam Bankman with Congress were revealed only after the red flags were alarming at the FTX platform came out very recently.

Emmer further mentioned that many entities have been hugely impacted by the bankruptcy of the FTX platform and one of them Ontario Teacher Pension fund has lost approximately $95 million into the FTX platform this investment was approximately 0.05% of the Ontario teachers pension fund total investment into FTX platform and this is seen as a huge impact on the organizations like Ontario Teacher Pension fund and the belief into the crypto industry.