SEC Chair Gary Gensler was out bashing Kim Kardashian for promoting crypto on some Super Bowl ad when he should have been overseeing FTX, “the biggest fraud and the biggest malfeasance in American financial history,” Republican Rep. French Hill said.
“‘He was out bashing Kim Kardashian, because she’s promoted crypto on some Super Bowl ad or something, when he should have been overseeing FTX, the biggest fraud and the biggest malfeasance in American financial history. And he’s opened up this year, in 2023, with all these enforcement actions, I think it looks like CYA to me.’”
That line above came Wednesday from Republican Rep. French Hill of Arkansas, as he blasted Securities and Exchange Commission Chair Gary Gensler for how his agency has handled cryptocurrency exchange FTX — and argued that a recent crypto BTCUSD, -1.70% crackdown is a “cover your ass” move, meaning a bureaucratic effort to head off criticism.And see: SEC charges Binance and founder CZ with mishandling customer funds, illegally serving U.S. investorsHill, who was speaking in Washington, D.C.
“Both the action on Coinbase COIN, +2.69%, on Binance, and of course the infamous collapse of FTX last year, speak to me that we need this clear, concise, statutory, framework. That’s why we’ve introduced this bill,” said Hill, who chairs the House Financial Services Committee’s subpanel on digital assets. “If we had this bill in place, then the SEC wouldn’t have to take the actions that they’ve taken.
From MarketWatch’s archives : Kim Kardashian fined by SEC for touting crypto without disclosing payment
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