U.S. Congressman Tom Emmer said FTX’s collapse is not a crypto failure, but rather a failure of business ethics, government oversight, and regulatory oversight

Emmer said FTX’s collapse was also a failure of business ethics, government oversight, and regulatory oversight.

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.

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 collapsed.

Meanwhile, the lawmaker said his office was investigating if the SEC chairman Gary Gensler was helping Sam Bankman-Fried and FTX obtain a regulatory monopoly.

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 “a guy who mismanaged funds.”

The crypto community severely criticized mainstream media outlets for portraying Sam Bankman-Fried as a virtuous individual.

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.

“Decentralized finance is not what it’s about. It’s not about the crypto industry, this is about Sam Bankman-Fried and regulators.”