#shorts Senator Kennedy asked SEC Chair Gensler, “Why did you and the SEC allow the FTX fraud to happen?

Gensler: The crypto field is often one that is co-mingling and bundling services, as I said earlier, and often also offshore …

Kennedy: … you’ve said repeatedly before FTX blew up that the SEC has the authority to regulate cryptocurrency. Now, here you have this company, FTX, run by a young man who has more zeal than wisdom. He prides himself looking like the fourth runnekr-up in a John Belushi look-alike contest. He prides himself on being under-dressed and over-haired, reeks with arrogance. You could have sent down one investigator from the SEC with an ego like Mr. Bankman-Freed and said, “I want to send someone down for the F’s from the SEC,” and let them just watch you for a day, and he probably would have welcomed you in.

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: you’ve said SEC has the authority to regulate cryptocurrency, why allow FTX fraud?