Congressman Pete Sessions stated in the Saturday Report on December 17 that the Securities and Exchange Commission (SEC) was “asleep at the wheel” questioning how FTX Group and its subsidiaries satisfied the requirements for financial and corporate control.

The Texas lawmaker has called for an investigation of the SEC’s actions and stated that there is “need to look at what the Securities and Exchange Commission was doing,” and added:“The SEC was asleep at the wheel for these billions of dollars that we now find out about a year later.”

Apparently in response, Bankman-Fried said, “it’s just a matter of transparency,” as highlighted by Sessions. In addition to this, the congressman mentioned that Bankman-Fried had “full access to members of Congress and the U.S. Senate.”

On December 13, the SEC filed charges against Sam Bankman-Fried (SBF), the former Chief executive of FTX, alleging that Bankman-Fried disregarded the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

Session’s remarks came after Minnesota 6th congressional district representative and attorney Tom Emmer called on SEC Chairman Gary Gensler to explain his failed “crypto information-gathering efforts.”