Future House Majority Whip Tom Emmer has interfered with investigations of crypto firms such as FTX.
The lobbying blitz has critics of the crypto industry worried, and Emmer’s rise to a House leadership role exacerbates those fears. He will exert significant influence over what bills move through the chamber starting in January, when he becomes House majority whip — third in command behind the speaker of the House and the House majority leader.
But Behnam appeared to concede that the SEC is better suited for regulating retail financial markets when Sen. Tina Smith asked several questions in succession on existing agency powers. Smith queried Behnam on the existence of current executive agency authority to enforce rules on investment advisers and exchanges. Behnam responded that the SEC currently has this power.
But the alternative to fast action could be worse with Emmer set to take power in a matter of weeks. The Minnesota Republican is already openly excited about using his power to help out his friends in the cryptocurrency industry.
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