#shorts Senator Kennedy asked SEC Chair Gensler, “Why didn’t we do that? Why didn’t you do that? That’s what we pay you folks to do.
Q: his secret service name is Butthead, you could have gotten an injunction half a day
Gensler: Well, again, I mean, I get all the Wells letter and all that. We’ve got tens of thousands of people that lost a lot of money, and they look at this young man, and they’ll go, “How did the… How did the Reagan authorities, regulatory authorities, allow this guy to function? I mean, his secret service name is Butthead. That’s how bad he is. Where was the SEC?”
Kennedy: And, again, sir, I can’t speak to one enforcement matter like that, but let me just broadly say that this whole field, the whole crypto field, is built on models that we wouldn’t allow in traditional securities markets, of commingling. Why did you allow FTX? We vigorously investigate by the book. You, I’m sure, and the American public want us to follow the facts, follow the law properly, give people subpoenas, they get lawyered up, they give us replies, they effectively burn clock, and on average, you could have gotten an injunction half a day.
On 7/19/2023, Senator Kennedy confronted Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), questioning the agency’s authority and competence in curbing fraud within the cryptocurrency industry. He zeroed in on the case of FTX, the crypto exchange founded by the “over-haired” and “under-dressed” young billionaire, Sam Bankman-Fried. The senator expressed incredulity that the SEC had not proactively investigated FTX despite the conspicuous activities and grand ambitions of its founder. Kennedy highlighted that the SEC’s regulatory machinery, intended to guarantee transparency and combat fraud, appeared to have failed in the face of this disruptive new industry. He criticized the SEC for not sending investigators to probe FTX and for failing to halt its operations until basic, fundamental questions were answered.
other clips of this published longer video is here: https://youtu.be/6QPpqLOj1aw
Q: his secret service name is Butthead, you could have gotten an injunction half a day