Cryptocurrency News & Discussion

Sam Bankman-Fried and FTX execs donated a total of $70 million to political campaigns toward the mid-term election cycle. This sum made FTX the third-largest donor across the entire political landscape for this mid-term election cycle. The individuals who donated included Bankman-Fried himself, co-CEO Ryan Salame and Director of Engineering Nishad Singh. They donated a rough 55%/45% split between both Democrats and Republicans.

FTX US also donated an additional $1M as well a super-PAC vying for Senate control on October 27th, filing for bankruptcy only weeks later. This is where at least some of customer funds went. Meanwhile, FTX was running at a huge losses.

As a result, eight House members wrote a letter and made statements that seriously questioned the legitimacy in many ways of the SEC's inquiry into crypto companies going as far as to say it may violate law. It was revealed at least five of the eight members received campaign donations from FTX employees, ranging from $2,900 to $11,600. Rep. Ted Budd (R-NC), one of the signatories, received half a million dollars in support from a Super PAC created by FTX co-CEO Ryan Salame. And Congressman Emmer's organization, is particular received $2.75 million from FTX in the 2022 cycle; $2 million from FTX's Salame in late September, and $750,000 from the company’s political action committee.

Some politicians are now attempting to return the funds from FTX by donating to charities. However, this has only thus far been to politicians who return a paltry sum amounting to less than $10,000.

Now, SBF donated to the GMI PAC as well as $23M to the Protect Our Future PAC. All 19 of the congressional candidates backed by GMI PAC won their races last week, sending 16 new members to the House and Senate. We will see where this takes us.

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