Gary Gensler will be held responsible for attending many meetings with the creator of a fake exchange, according to Tom Emmer.
Tom Emmer of the United States House of Representatives has said that SEC Chairman Gary Gensler knew that FTX was fake but still met with discredited founder Sam Bankman-Fried.
Recent events made the 13th of December a busy day for FTX founder Sam Bankman-Fried. The former CEO was punished in the jail by the Bahamas government and then prosecuted by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Southern District of New York (SDNY).
Sam Bankman-Fried was accused by the SEC of defrauding FTX investors of more than $1.8 billion since the company’s start in May 2019. Gary Gensler issued a press statement in response to the SEC’s allegations.
Sam Bankman-Fried constructed a house of cards on a foundation of deception while assuring investors that it was one of the most secure crypto structures.
Sam Bankman-Fried reportedly coordinated fraudulent operations and neglected to report the transfer of FTX clients’ funds to his privately held Alameda Research, according to the SEC.
In a tweet, U.S. Representative Tom Emmer published a piece of the SEC’s filing that reads: “From the launch of FTX until its demise in November 2022, Bankman-Fried transferred consumer funds to Alameda.
Congressman Tom Emmer said, after examining the document, that SEC Chairman Gary Gensler knew FTX was false from its beginning.
“Gary Gensler is aware that FTX’s origins was false. This is outrageous because he met with Bankman-Fried more than anybody else in the space.”
Emmer said that the SEC Chairman would be held responsible for conducting many meetings with the creator of a fake exchange.
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