Congressman says SEC is asleep at switch when it comes to cryptocurrency scams

Ohio GOP Rep. Warren Davidson says that the Securities and Exchange Commission isn't doing its job properly and Congress should take action. 

In the midst of the FTX scandal, in which many people were scammed out of a combined total of billions of dollars, the leadership of the SEC is coming under intense scrutiny.

"Congress should take action," Rep. Davidson said on the "Just the News, No Noise" TV show. "But in the meantime, the SEC has been pulling all this information from companies like FTX and including FTX. How did they miss this? They went after Kim Kardashian. But they couldn't find this? It's really a question of, is Gary Gensler or is the SEC up to the task they're supposed to be doing?"

Gary Gensler is the chairman of the Securities and Exchange Commission. 

FTX has filed for Chapter 11 bankruptcy protection and billions of dollars' worth of assets are reportedly unaccounted for. The collapse came amid early reports that at least $1 billion in client funds disappeared, affecting potentially about a million customers, and current reports that it owes approximately $3.1 billion to its top 50 creditors.

Davidson also said Biden took a premature victory lap on the rail labor crisis. 

Members of the largest freight rail union, plus three other unions, with a combined membership of nearly 60,000 rail workers, have voted to turn down the agreement brokered by the Biden administration in September, leading potentially to a nationwide freight-rail strike beginning next month.  

"It goes back to the Biden economy," Davidson explained. "You got so many people on the sidelines. There's fewer people working today than there were before. So I think if we fundamentally addressed those issues, we can be optimistic and avert a shutdown. But Joe Biden took a victory lap and clearly the job wasn't done."