U.S. Congressman: FTX's Collapse Is a Failure of Business Ethics, Government Oversight and Regulation

U.S. Congressman Tom Emmer said the collapse of FTX was not a failure of crypto, but a failure of business ethics, government oversight, and regulation. He questioned SEC Chairman Gary Gensler's role in the FTX debacle and highlighted a meeting between the regulator and the SBF in March. Emmer said, "they worked with the SBF and others to give them special treatment from the SEC that no one else got."

The lawmaker also criticized the SEC for failing to investigate bad actors in the crypto space. Emmer wondered what the regulator was doing when several crypto companies such as Terra, Voyager Digital and Celsius collapsed.