SEC Chairman Gary Gensler testified before the House Financial Services Committee where he was cross-examined by Representative Bill Posey on Meltdown of FTX crypto exchange in November 2022.
Gensler Dodge on FTX
Congressman Busey took over conversation about how Crypto companies mix differently business Jobs and asked the SEC chief if he was concerned about it how FTX worked before that failed.
In response, the head of The SEC said there were concerns about jobs like stock exchange, broker-dealerand hedge funds combined.
In response, Congressman Posey asked, “Given these concerns, have you asked your staff to look into them?”
Remember that when FTX collapsed in In November 2022, the SEC reported that the Bankman Fried Medal (SBF) is working on deal to settle the situation. some people He said that SBF mother You may have called Gensler.
Some of it has been taken by the SEC, Gensler said at the congressional hearing steps against SBF for Breaking securities law.
when asked how he first Notable issues with FTX, replied that he saw steps being taken against FTX in December 2022.
Given the size of the market Losses, the Securities and Exchange Commission charged of moving Too slow to take any action against FTX.
Committee Chairman Patrick McHenry also Gensler asked if ETH is a security or a commodity. Growing uncertainty and harsh execution of The focus was on coding regulations of This inquiry.
in response to a question on Whether he considers ETH a security or a commodity, Gensler deflected by stating that the “facts and circumstances” of Specific cipher codes and Howey test should It is considered.
FTX effect on investors
Question SEC President Bill Posey on Timing of the public and investor alerts following the Securities and Exchange Commission meeting with FTX. Gensler asserted that, for in order to of The SEC’s ongoing investigation, details have been classified.
in order to of The credibility and privacy of the investigation of involved, we are treat any information Collected as top secret.