U.S. Congressman Tom Emmer says the FTX meltdown is not a crypto failure but a failure with SEC Chairman Gary Gensler, former FTX CEO Sam Bankman-Fried, and centralized finance. “We need to get to the bottom of this. We need to understand why Gary Gensler and the SEC were not doing their job,” the lawmaker stressed.

The lawmaker tweeted: FTX’s collapse is not a crypto failure. It’s a failure with cefi, Gary Gensler, and Sam Bankman-Fried. Decentralization is the point.

In an interview with Fox Business Tuesday, Emmer further described the FTX meltdown as a failure of “business ethics,” “government oversight,” and “regulatory procedures.”