Torres told the Washington Examiner earlier this month that he gave the money he obtained from Bankman-Fried to a local charity. however, that won’t change the fact that Sam Bankman-Fried donated to democrats so that they could lobby against crypto regulation.
Consequences are best served cold, as demonstrated by Democratic Rep. Ritchie Torres of New York, who obtained $40,300 from Sam Bankman-Fried, the former CEO of FTX, and his brother, Gabriel Bankman-Fried, according to the Daily Caller.
Torres is now pushing for a probe into the U.S. Securities and Exchange Commission (SEC) for “failing to properly regulate the crypto exchange.” He has requested the investigation in a letter to the Government Accountability Office.
However, only a few months earlier, he was one of eight members of Congress to sign a letter (read below) questioning the SEC’s power to require information from cryptocurrency companies.
Just two weeks previously, Gabriel Bankman-Fried gave more than $31,000 to Torres For Congress, Torres Victory Fund, and the Torres-affiliated La Bamba PAC, according to the report.
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Torres told the Washington Examiner earlier this month that he gave the money he obtained from Bankman-Fried “to a local charity to assist with holiday food distributions to families in need.”
Prior to the March letter, the SEC was requesting more details from a number of cryptocurrency exchanges about how they were handling customer deposits. These inquiries may have uncovered problems at FTX long before its collapse.
Torres’ tone has drastically shifted now that FTX has made an absolute spectacle of him and other Democrats to whom it gave money.
“The SEC chose to dedicate scarce time and resources to investigating Kim Kardashian, rather than opaque crypto exchanges, leaving many to question whether the commission is operating efficiently and apolitically and whether it has its priorities in the right place,” he wrote in his letter.
“If the SEC had done the due diligence of thoroughly investigating the financials of FTX, there would have been a greater likelihood of exposing the crypto exchange for what it truly is: a house of cars [sic] built on monopoly money printed out of thin air.”
If only certain members of Congress had not questioned the SEC’s competence to “do the due diligence” in the first place.
Read the document below: