key takeaways
- Several political organizations belonging to the Democratic Party have announced that they will return donations from Sam Bankman-Fried.
- The Senate Majority PAC, House Majority PAC, Democratic National Committee, Democratic Senate Campaign Committee, and Democratic Congressional Campaign Committee will return at least $9.85 million.
- Bankman-Fried is believed to have contributed more than $46.5 million to political campaigns in recent years.
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One by one, US political groups are announcing that they will return the millions that Sam Bankman-Fried donated to them.
paying back the money
The US political system is still dealing with the consequences of the FTX fraud.
According to CNBC, the Senate’s majority pro-Democratic PAC Announced today that it would seek to return $3 million in donations from former FTX CEO Sam Bankman-Fried and former FTX engineering director Nishad Singh. Another political action committee, the House Majority PAC, has also declared its intention to return the $6 million Bankman-Fried donated to it.
The Democratic National Committee, the Democratic Senate Campaign Committee, and the Democratic Congressional Campaign Committee Announced four days ago their intention to return the $815,000 in contributions they have received from Bankman-Fried in recent years.
According to Washington non-profit organization OpenSecrets.org, Bankman-Fried’s donations over the past two years have totaled $46.5 million. That number could possibly be higher, if the SDNY accusations that he made political contributions on behalf of other people turns out to be true.
Bankman-Fried and the FTX group had contributed millions to other organizations aligned with the Democratic Party. OpenSecrets claims that Protect Our Future received $27 million from the FTX group, while the House Majority PAC received $6 million, Future Forward USA $5 million, America United $1.3 million, and the Senate Majority PAC $1 million. Texan political candidate Beto O’Rourke also received $1 million, while cryptopolitical organization GMI PAC received a $2 million donation. The CNBC report indicates that the Senate Majority PAC received their additional $2 million from Singh personally.
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and various other crypto assets.