SEC Chairman Under Investigation For Helping SBF And FTX Exploit Legal Vulnerabilities

US lawmakers said they were investigating SEC Chairman Gary Gensler for allegedly helping the SBF and FTX exploit legal loopholes.

On November 10, Chairman of the Republican National Congress Committee (NRCC) Tom Emmer shared on his personal account that SEC Chairman Gary Gensler is under suspicion of helping the SBF and FTX be able to declare exploit legal loopholes.

The re-elected Republican legislator recently criticized Gensler for running after the media amid FTX liquidity problems that caused a wave of turmoil across the crypto market.

According to Emmer, his team is looking into the SEC chairman’s alleged cooperation with Bankman-Fried and FTX, but the reports presented to his office as evidence did not provide details.

According to news yesterday, two law enforcement agencies SEC and DOJ have announced they will investigate violations related to FTX. President Gensler called the FTX crash part of a broader trend in crypto assets, noting issues such as leverage, lack of disclosure, dubious, embezzlement of other people’s funds and future transactions.

Prior to that, the SBF also had a role in promoting the Digital Goods Consumer Protection Act which weakened the SEC’s authority.

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