U.S. Congressman Tom Emmer doesn’t believe that the arrest of FTX founder Sam Bankman-Fried (SBF) – which allowed him to miss a scheduled congressional hearing on December 13 – was purely due to good fortune.
Rather, the politician suspects that the arrest was “purposeful,” due to Bankman-Fried’s various connections and information.
Centralized Failure
Speaking with Nicholas Carter during the On the Brink podcast published on Tuesday, Emmer stressed that FTX’s failure was a failure of centralized finance, rather than decentralized tech. “The only difference between this and financial fraudsters from the beginning of time is we’ve now moved into digital assets,” he said.
The congressman shifted the blame toward the Securities and Exchange Commission (SEC), a regulator responsible for providing safeguards in the Tradfi world. The agency, he argued, was “asleep at the wheel” with FTX, and possibly complicit with the fraud.
Politicians and regulators were quic
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