'The SEC was asleep at the wheel for these billions of dollars that we now find out about a year later.' - Representative Pete Sessions.
Representative Sessions also noted that a year ago, Bankman-Fried testified at a congressional committee hearing, where he was asked about the need for regulatory oversight of cryptocurrencies. Bankman-Fried replied,"it's just a matter of transparency", according to Sessions.
The Congressman also noted that Bankman-Fried had"full access to members of Congress and the U.S. Senate.", who criticized Gensler for his flawed “crypto information-gathering efforts,” calling on him to appear before Congress to explain “regulatory failures.” Emmer also outlined that Gensler hasn’t appeared before the House Committee on Financial Services since October 2021, leaving crypto media to fill the void for the SEC’s failures in investigating.
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