FTX Collapse Is 'Not a Crypto Failure,' Says Minnesota Rep. Tom Emmer — "It's a failure of centralized finance and a failure of Sam Bankman-Fried."

It's a shitty business going under. Do people really think this is BTC's fault?

The mainstream does not understand crypto yet and when they hear bad news about crypto they automatically connect it to bitcoin, because bitcoin IS crypto to them.

Of course they do

Karen: I need to speak to the CEO of BTC! Now!

We’re so deep into the bear, for some people it’s anything that can help drive the price down further so they can accumulate. It’s just more manipulation.

When I get ripped off by a shitty pawn shop that's conning people who trade gold, I don't blame gold as being a scam, I blame that pawn shop.

No we don't

its definitely extremely common behavior in crypto though

It doesn’t matter unfortunately, it’s now the political football being used to ram through crypto regulation and regulatory compliance for the industry.

You bet there are Buttcoiners out there thinking that

It’s not any crypto’s fault. Why specifically mention BTC?

Mainstream media is pushing this angle hard.

It's actually a problem BTC tries to solve by having a public ledger

Mainstream media doesn't really understand nor want to understand crypto's history; basically its creation being a direct consequence of banks failing scamming the whole world and being based on decentralisation to prevent it happening again.

Mainstream does. They jump on every anti-crypto-train they can find.

I think you got the ticker wrong, its spelled SBF

People who already hate BTC do.

Many people still don’t understand crypto as a whole. Many people see crypto falling and just cheer.

Stupid people do. There are a lot of stupid people unfortunately.

Yes most people probably believe this.

Yes. Yes they do, and that has been the goal of a very large contingent of people in government for a long time- to regulate crypto into this legal space where there's nothing to do with it but speculatively trade on big centralized exchanges which are just "unregulated" enough to be accidents-waiting-to-happen, and elevate every collapse as somehow this massive failure of a protocol which allows people to send tokens peer to peer without a central intermediary.

Crypto has enabled all of this to happen, though. It’s almost as if shitty people will take advantage of shitty technology to grift a bunch of dummies. Without crypto and Bitcoin, there is no Celsius, Ftx, etc, etc.

This is what adoption looks like

I blame FTT.

I think it's more a failure of regulations. This kind of thing would be much more difficult to have happen in traditional finance systems where things like proof of reserves is mandated to some extent.

"This is Bitcoin. It allows you to hold your own coins and keep total control over them, and no bank or government can take them away."

Failure of SBF? The only failure on his part is not getting more money out of it than he did. This wasn’t an “oops” it was intentional.

crime is not failure. it's crime.

Yeah. Do Kwon was a failure. This was criminal.

How long until he gets charged?

The only failure in his eyes is that he got caught and the grift fell apart.

Failure?? He’s a fucking thief. It wasn’t a failure he and his goblin girlfriend were stealing money, they succeeded in stealing money. There was no failure, they are just evil assholes.

He knew exactly what he was doing but he thought he was gojng to get away with it.

Yeah man, this was not even a fucking failure and we know that.

Yep, absolute thief

Well…they failed to not steal money

This the only correct description of what happened especially the goblin part.

you can say a failure in hiding the fact of thievery

Why hasn’t SBF been arrested yet? Things that make you go hmmmmm

I agree with this one. But to add, this is the same man who vote AGAINST the Short Sales Transparency and Market Fairness Act..

Yeah, he's known to be a ... certain type of individual

What are those? Noob here

Agreed, Tom Emmer is a knob.

We can still agree on that one. But fuck em

True that, we all do because he is saying some right shit right now and we just can't stop saying that, we all know that this is real and this is good for sure.

Thank you for your efforts in protecting our industry, congressman.

He gets it. Kudos sir

The congressman who asked the SEC not to investigate FTX…

He certainly does

Yeah it's not really difficult to understand it.

Good. But as a Minnesotan, it's my responsibility to tell everyone that he's also a shit stain.

A congressman who gets it. That is rare. Kudos to him.

Someone is reading our shitposting and actually agreeing with us, this is the way

Not many do but I am glad some do have decent knowledge

Fingers crossed the majority of people does to instead of listening to mass media.

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Ha look at Tom trying to squirm out of it.

Thank you for explaining this. Unchecked CeFi is the problem. DeFi is the solution.

I am just going to say that Tom Emmer is right this time and that's all we can say, he is just right because this is the motherfucking reality, believe it or not my guys.

Interesting because I think ftx was a donor of his.

Not only were they a donor they were one of his top 15 donors this cycle.

Isn't he a republican?

He is not wrong. Last I checked BTC is still humming along exactly as intended.

Minnesotan checking in.

Thanks for the information mate, I just needed this one.

That's pretty harsh to dogs. Emmer wishes he could be a dog. We all wish he would have the career lifespan of a flea.

That doesn't mean he's wrong here.

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Absolutely it was

Yes, but how do you prevent corrupt institutions being built on top of crypto? Less use of centralised services is good, but in the end they will still see use.

Humans are the cause of suffering

But FTT and various other shitcoins were partly the blame. Better not to use the term "crypto". Makes it sound like all one thing.

Sam is one massive failure: for society, clients of FTX, and his parents!

I heard hes good at a video game though

But he gave them money to buy houses in the Bahamas! /s

Amen

… said the man who knows nothing about cryptocurrencies.

Love that you emphasized that it's a failure of regulators to regulate CeFi. It's a failure of CeFi. Not DeFi.

Okay mate, I'm gonna ask you again. So why did YOU vote AGAINST the Short Sales Transparency and Market Fairness Act then huh?

good to see at least one member of gov't understand its not a crypto issue but an issue of fraud

The lack of regulation didn't just make FTX possible, it made it inevitable

So when exactly will they be held accountable for their corruption?

Tom Emmer is a fucking piece of shit

Gotta say I love the copium going on in this sub. Every time people lose their life savings after investing in crypto it is NEVER crypto’s fault. 🤣

Gary Gensler is a total fraud.

Gensler should be fired like months ago his sole job is to protect investors and provide clarity to a space that's been begging for it, meanwhile driving innovation away.

Imagine being so disappointing that someone other than your parents call you a failure

SBFs parents probably think he did a great job as a Fed Puppet.

Your parents still call you?

We just get fud while real bankers get to load up on BTC

We need to improve other people man, this is really required.

Such a right thing to say right now man, we are good with the fact that Tom Emmer is being real right now, he is being just like one of us and that's just a good thing.

So refreshing to hear such spot-on rhetoric about crypto from a congressman

Wow he’s actually on point here. good job 👍 hopefully everyone will be accounted including the oversight from the regulators.

tldr; US Congressman Tom Emmer called out former FTX CEO Sam Bankman-Fried and SEC Chair Gary Gensler for the collapse of the cryptocurrency exchange. "This is not just a failure of FTX," Emmer said. "It's not about the crypto industry, this is about regulators and regulators," he added.

Ahh yes. Crypto genius Minnesota Rep. Tom Emmer.

whats wrong with his comments?

Woah he gets it! Can we have him as a senator cause they seem to not get it for the most part…

I know of Emmer because doesn't believe in minimum wage and he introduced legislation to make drunk driving less punishable. Not a guy I'd hitch my wagon to lol

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Well he said the right thing and we know that shit right now.

His statement could be made based off of some twitter thread and he might not actually get it, just regurgitating what he read and saw that crypto people like to hear. Not saying this is actually the case 100%, just keep an eye on him

He cannot be a senator, because he actually know what is crypto and isn't above the age of 80

He got my vote!

It’s fraud

Its not a failure of crypto rather failure of greed

And ignorance. "Not your keys, not your coins" didn't become a meme for nothing.

That’s why you need to get your coins of the CEX and other centralized finance

Wait a minute...did I just...agree with someone in the US government?

Lol that's right, that is what happening and we know that.

Pinch me!

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This is good and I am not sure that I know this guy but he is making sense to me right now, I don't know why people are saying other things in the comments.

Correct

Wise words from a wise man

It’s so unsurprising you all keep getting scammed and losing all your money. As long as some dumbfuck says some shit you like to hear you all start worshipping him like a god.

I grew up knowing this guy. He’s an absolute fucking doorknob.

Even a broken clock is right twice a day.

This guy gets it

He's not wrong. There are greedy people in all businesses.

He is right and that's just why I am saying this one good right now man. Hope others will understand this and say that this is a good thing, we are good with it.

Tom Emmer is like the John Deaton, Jeremy Hogan and other attorneys in the community, but on the lawmaker side.

Emmer is a homophobic asshole but is right about crypto

It's about time we heard more of this. A lot of media outlets are choosing to blame crypto and investors which is hard to believe

Blaming investors into FTX is entirely correct. Blaming the rest of crypto not so much.

Don´t know the guy but he nailed it.

This guy understands crypto 👀

Yeah, not hard to put that together.

are you comparing this to the concord jet or what

do people look at our laser guns on Mars and say "hey this isn't how you do laser guns on Mars"

Literally all of mass media is saying this though

Yes. Now make this guy the next President

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Somebody mak this guy president.

It’s technically correct that it’s not a failure of crypto.

Finally someone speaking the truth. Human cause these issues. Decentralization cuts that from the equation and solves the problem.

Finally some real sense

Duh

Most of us know that but still it's good to say that again.

Moon is nigh

It's a human failure due to lack of regulation and poor oversight.

Correct SBF is a massive failure

Lol

How is a decentralized collapse a centralized problem

There was nothing decentralized about FTX

So many variables. One such variable being greed.

It's a failure of the crypto community. The whole point of bitcoin is that something like this should not be possible, but ideals of "Don't trust, verify" go quickly out of the window if a bit of wishful thinking can create a ton of money for a short amount of time.

It's a failure of regulations. We need some healthy regulations like yesterday.

This guy def bought the dipz

Absolutely!

Well duh

Centralized yet no regulation? Huh thats a new one

Tom is right. Hope he and other lawmakers will hold these FTX scammers accountable.

Good statement, not a good politician

If we don’t throw Sam in jail immediately then yes, people will assume crypto is all a scam.

Nothing is ever crypto's fault... but it is traditional finance's fault when companies there go under, right?

Centralizing a decentralized currency, what could go wrong?!?!

he is right.

Yeah.

People be Ponze Scheming! Nothing new here. Buncha people lost money, SBF probably won’t see a jail cell, and we move on till the next asshole does a ponze scheme.

💯

Is this guy saying that the only thing that SB-F did wrong was get caught. So what is that guy in charge of again? Because those counts will be OFF!

He actually did it. The mad lad did it...

DEXs can prevent this.. I trust algorithms more than humans tbh.

This will continue to happen without frequent audits. We would get fried at my institution for doing what FTX has done.

This will keep happening as long as it's not regulated, I guarantee there is so much shady shit going on that we will never know

Amen

It's not so much that it crashed is a failure of crypto, but the fact that so many people bought into it to begin with is an issue with the crypto community as a whole.

And dumbasses here still think regulation is a bad idea

For real. Don't keep your hard earned crypto in exchanges. Get a full core wallet and run a node or get a lightweight wallet and xfer when you need to make a transaction.

And Tom voted no on transparency. They are all in on it.

Absolutely agree with this. FTX is not to do with crypto as a core form of currency. SBF is just a badly organised and turns out bad person too.

This won't be a crypto winter. Unlike the 2017 crash, there are way more people with big checks just swarming around waiting to pounce. Not gonna call a price, but it's going to be much higher in a year's time.

HahahahaHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAAAAAAAAAAAAA

Here's a fresh take: Centralization fucks everybody, use a DEX, and lets all STFU about FTX and other centralized garbage.

Totally right. Fire GENSLER. Voyagers Celsius Ftx all bankrupt on his watch