US Congressman Tom Emmer has faulted the Securities and Exchange Commission (SEC) for failing to prevent the FTX collapse despite outwardly promoting tough crypto-focused rules.

“We were concerned in March that GaryGensler was taking an indiscriminate and inconsistent approach to oversight of the crypto community,” tweeted Emmer. “We are even more concerned now as we’ve seen his strategy miss Celsius, Voyager, Terra/Luna– and now FTX.”

Emmer was referring to March 16 letter that he and seven other congressmen wrote to SEC chair Gary Gensler enquiring about the agency’s crypto information-seeking process. At the time, the lawmakers expressed concerns that the SEC was misusing its authority by selectively obtaining information from market participants for rulemaking purposes, thereby stifling innovation.