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Behnam, a former Senate Agriculture Committee staffer, has been angling for jurisdiction over crypto markets, and in the months before FTX’s collapse, both the committee and the company had been pushing to hand it to him.

Sens. Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.), the committee’s leaders, introduced a bill in August with input from Behnam’s office that would give the CFTC the authority to regulate crypto spot markets.

The measure was also FTX’s top legislative priority. Former chief executive Sam Bankman-Fried argued to colleagues that the industry would receive more favorable treatment from the CFTC than the Securities and Exchange Commission, which is much larger and has staked out a more aggressive posture toward crypto interests.