Pro-crypto Republican Senator Tom Emmer once again calls out SEC chair Gary Gensler saying the regulator knew since the beginning that Sam Bankman-Fried’s FTX was fraudulent from its inception.
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 added that while Bankman-Fried is in custody, FTX’s new CEO John Ray is assisting in the committee’s investigation into SBF’s frauds.
“Ray committed to providing my office with correspondence between FTX and the SEC as well as details into the nature and scale of FTX’s investment into IEX,” Emmer stated.
The office of Emmer is eager to collaborate with Ray’s team to determine the extent to which the SEC engaged in private regulatory negotiations with FTX and IEX to the detriment of American investors.
Emmer has always been critical of Gensler and how he conducted crypto-related probes. Last month, when FTX was on the brink of bankruptcy, Emmer alleged Gary Gensler had been helping FTX to gain a regulatory monopoly.
Gary Gensler is one of the hot topics since the FTX crash with the community alleging that SBF has strong ties with the SEC chair that helped him get away with all his fraudulent schemes.
Last month, over 4000 messages were sent through the Connect to Congress app by CryptoLaw.com urging an investigation of Gary Gensler’s ties to FTX as Gensler taught at the Massachusetts Institute of Technology (MIT), from where Bankman-Fried graduated.
