Tom Emmer thinks that the crypto failure of FTX is the fault of the regulators and its former CEO.
Members of Congress have said that capital investment should be subject to US law. Initially, crypto activists blamed FTX for the failure of Binance.
Tom Emmer, a US congressman, who supports the crypto industry, says that the failure of the FTX exchange is not a failure of crypto per se but a lack of logic. Yesterday, the US ambassador announced the idea during a live television broadcast on FOX Business News.
Speaking about the billions of dollars lost by FTX clients in the company, Emmer stressed that the case is about former CEO Sam Bankman-Fried and the regulators who failed to detect the fraud before him done.
Emmer added that the central fund will be under the umbrella of US law. However, according to him, the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, “did not do anything about it”.
However, last week, some crypto activists promoted that the failure of FTX was the responsibility of the Binance exchange. During his testimony before the US Senate on December 14, Kevin O’Leary said clearly that “Binance has removed FTX from its service”.
O’Leary’s bold promises threw the crypto community off balance. David Schwartz, chief technology officer (CTO) of the Ripple blockchain, described O’Leary as a zealot and a liar in the face of overwhelming evidence.
The CTO stressed that if Binance has anything to do with the FTX crash, it is a public duty to expose the FTX fraud and prevent more people from falling.
Binance CEO Changpeng Zhao previously said that many of the attacks against him and Binance were due to his Chinese origins. So Zhao made it clear that he is a Canadian citizen and that Binance is not a Chinese company.