Rep. Ritchie Torres on the SEC's failure to prevent the FTX collapse

If the SEC has the authority Mr. Gensler claims, why did he fail to uncover the largest crypto Ponzi scheme in US history?  One cannot have it both ways, asserting authority while avoiding accountability.

~ Rep. Ritchie Torres (D-NY), "Congressman Calls for Investigation Into Gensler, SEC’s Role in FTX Collapse," Yahoo!Finance, December 7, 2022