SEC Nominee's Cryptocurrency Ties Raise Red Flags

Elizabeth Warren Slams SEC Chair Nominee, Accusing Him of 'Conflict of Interest'

Senator Elizabeth Warren is urging the Senate to reject the nomination of Rostin Behnam to chair the Securities and Exchange Commission (SEC), citing concerns over his financial ties to the fossil fuel industry.

In a scathing letter to the Senate Banking Committee, Warren accused Behnam of having a "clear conflict of interest" due to his past work as a consultant for a company that invests in fossil fuels. Behnam has also received significant campaign contributions from the energy sector, according to Warren.

"This is a clear case of a nominee who is more interested in serving the interests of his former clients than in serving the public interest," Warren wrote. "It is unacceptable to put someone in charge of regulating the securities industry who has a financial stake in the outcome of their decisions."

Behnam, a Democrat, was nominated by President Joe Biden to lead the SEC earlier this month. His nomination has been met with skepticism from some Democrats, who have raised concerns about his ties to the fossil fuel industry.

Warren's letter highlights Behnam's work as a consultant for the investment firm, Westwood Capital, which has invested in fossil fuel companies. She also notes that Behnam has received over $100,000 in campaign contributions from the energy sector since 2017.

"Given Mr. Behnam's clear conflicts of interest, I urge the Senate Banking Committee to reject his nomination," Warren wrote. "The SEC needs a leader who is committed to serving the public interest, not a former consultant who is still beholden to his former clients."

The nomination of Behnam to lead the SEC is now in the hands of the Senate Banking Committee, which will hold a hearing on the nomination in the coming weeks. Warren's letter is likely to add to the scrutiny surrounding Behnam's nomination, and could potentially sway some committee members to reject his nomination.