In recent years, Rep. Tom Emmer has increasingly promoted crypto interests — championing its companies, pushing industry-friendly proposals and chastising critics who in his view stand in the way of innovation.
The congressman later voted against the full bill, citing other concerns, including its approach to climate policy. The measure, which aimed to improve the nation’s roads, bridges, pipes, ports and internet connections, included a revised policy on crypto reporting to the IRS.
The congressman has even used his post to pressure agencies, especially the SEC, against policing the nascent industry. This March, Emmer led ain what’s known as the Congressional Blockchain Caucus — an advocacy group on the Hill for crypto issues — to urge the agency against imposing “extra-jurisdictional and burdensome reporting requirements” on crypto-related firms. Emmer sent the letter after the SEC wrote FTX and other crypto companies asking questions about their business practices.
In response, Bankman-Fried cited his company’s work to use automated technology to discover potential market trouble. Emmer seemed satisfied: “Sounds like you’re doing a lot to make sure there is no fraud or other manipulation,” he said. The congressman’s donors included Ryan Salame, a top executive at the since-disgraced FTX, who contributed $8,700, as well as Barry Silbert, the founder of the Digital Currency Group, and Bart Stephens, the leader of Blockchain Capital, the firm found. Jeffrey Garzik, the chief executive of the blockchain-focused Bloq Inc.
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