Rep. Ritchie Torres has criticized the leadership of SEC chair Gary Gensler.
An American legislator has asked the United States Government Accountability Office to look into the performance of the Securities and Exchange Commission regarding the recently failed crypto exchange FTX.
Rep. Ritchie Torres wrote to U.S. Comptroller General Gene Dodaro on Dec. 6 requesting that the GAO, the federal legislative watchdog, conduct a review of the SEC’s failure to protect the public from “the egregious mismanagement and malfeasance of FTX.” The strongly worded letter also criticized chairman Gary Gensler’s leadership in general. Torres wrote:
“If the SEC had done the due diligence of thoroughly investigating the financials of FTX, there would have been a greater likelihood of exposing the crypto exchange for what it truly is: a house of car[d]s built on monopoly money printed out of thin air.” Aside from that passage, Torres’ letter was almost completely devoted to a critique of SEC chair Gensler, who “by the logic of his own public pronouncements, is singularly responsible for regulatory failures surrounding the collapse of FTX and its affiliate FX US.
“If the SEC has the authority [as] Mr. Gensler claims, why did he fail to uncover the largest crypto Ponzi scheme in US history?”
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