{"id":276966,"date":"2022-11-23T11:00:48","date_gmt":"2022-11-23T11:00:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=276966"},"modified":"2023-09-13T02:33:53","modified_gmt":"2023-09-13T01:33:53","slug":"us-congressman-defends-decentralization-blames-sbf-gensler-cefi-for-ftx-collapse","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/us-congressman-defends-decentralization-blames-sbf-gensler-cefi-for-ftx-collapse\/","title":{"rendered":"US Congressman defends decentralization, blames SBF, Gensler, CeFi for FTX collapse"},"content":{"rendered":"<p>U.S. Congressman Tom Emmer said FTX's collapse was not a crypto failure; instead, it was a failure of centralized finance (CeFi), Sam Bankman-Fried, and SEC's Chairman Gary Gensler in a Nov. 22 Fox Business interview.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FTX&#39;s collapse is not a crypto failure. It&#39;s a failure with CeFi, <a href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\">@GaryGensler<\/a>, and Sam Bankman-Fried. Decentralization is the point. Watch below for more thoughts \ud83d\udc47 <a href=\"https:\/\/t.co\/VYacafc0ZD\">pic.twitter.com\/VYacafc0ZD<\/a><\/p>\n<p>&mdash; Tom Emmer (@GOPMajorityWhip) <a href=\"https:\/\/twitter.com\/GOPMajorityWhip\/status\/1595148698170032128?ref_src=twsrc%5Etfw\">November 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Emmer said FTX's collapse was also a failure of business ethics, government oversight, and regulatory oversight.<\/p>\n<h2>Emmer carpets Gensler<\/h2>\n<p>The Minnesota Representative questioned the role of the SEC chair, Gary Gensler, in the FTX fiasco. He highlighted the meeting between the regulator and SBF in March. Emmer said:<\/p>\n<blockquote><p>&#8220;They were working with Sam Bankman-Fried and others to give them special treatment from the SEC that others aren't getting.&#8221;<\/p><\/blockquote>\n<p>The lawmaker also criticized the SEC's failure to investigate bad actors in the crypto space. Emmer wondered what the regulator was doing when several crypto firms like Terra Luna, Voyager Digital, and Celsius <a href=\"https:\/\/cryptoslate.com\/celsius-pauses-withdrawals-amid-market-turmoil-triggering-74-drop-in-cel\/\">collapsed<\/a>.<\/p>\n<p>Instead, he alleged the Commission was working on &#8220;backroom deals&#8221; with the bad guys while investigating and prosecuting the good actors in the community.<\/p>\n<blockquote><p>&#8220;We need to get to the bottom of this\u2014we need to understand why Gary Gensler and the SEC were not doing their job. We need to understand how this was allowed to get to the point where people's savings are getting hurt.&#8221;<\/p><\/blockquote>\n<p>Meanwhile, the lawmaker <a href=\"https:\/\/cryptoslate.com\/us-lawmaker-alleges-secs-gensler-had-dubious-ties-with-ftx-promises-investigation\/\">said<\/a> his office was investigating if the SEC chairman Gary Gensler was helping Sam Bankman-Fried and FTX obtain a regulatory monopoly.<\/p>\n<h2>Criticizes mainstream coverage of SBF<\/h2>\n<p>Emmer also criticized the New York Times for writing a puff on Sam Bankman-Fried. He said he did not understand why the media firm would write such a piece on &#8220;a guy who mismanaged funds.&#8221;<\/p>\n<p>The crypto community severely <a href=\"https:\/\/cryptoslate.com\/mainstream-media-called-out-for-gaslighting-over-sam-bankman-fried-good-guy-narrative\/\">criticized<\/a> mainstream media outlets for portraying\u00a0Sam Bankman-Fried as a virtuous individual.<\/p>\n<h2>Emmer absolves crypto of blame<\/h2>\n<p>The U.S. lawmaker reiterated that the FTX failure was not about crypto or decentralized finance. According to him, the focus should be on centralized finance and the need to regulate it.<\/p>\n<blockquote><p>&#8220;Decentralized finance is not what it's about. It's not about the crypto industry, this is about Sam Bankman-Fried and regulators.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Congressman Tom Emmer said FTX&#8217;s collapse was not a crypto failure; instead, it was a failure of centralized finance (CeFi), Sam Bankman-Fried, and SEC&#8217;s Chairman Gary Gensler in a Nov. 22 Fox Business interview. FTX&#39;s collapse is not a crypto failure. It&#39;s a failure with CeFi, @GaryGensler, and Sam Bankman-Fried. Decentralization is the point. [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":342799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77644,11],"tags":[76973,77611,77612,78191,77046],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Congressman defends decentralization, blames SBF, Gensler, CeFi for FTX collapse<\/title>\n<meta name=\"description\" content=\"\u00a0U.S. Congressman Tom Emmer, in a recent Fox Business interview, said FTX&#039;s collapse was not a crypto failure.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/us-congressman-defends-decentralization-blames-sbf-gensler-cefi-for-ftx-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Congressman defends decentralization, blames SBF, Gensler, CeFi for FTX collapse\" \/>\n<meta property=\"og:description\" content=\"\u00a0U.S. Congressman Tom Emmer, in a recent Fox Business interview, said FTX&#039;s collapse was not a crypto failure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/us-congressman-defends-decentralization-blames-sbf-gensler-cefi-for-ftx-collapse\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-23T11:00:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T01:33:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/07\/tom-emmer.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/us-congressman-defends-decentralization-blames-sbf-gensler-cefi-for-ftx-collapse\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/us-congressman-defends-decentralization-blames-sbf-gensler-cefi-for-ftx-collapse\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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