According to a report, three Democratic political groups to which FTX founder Sam Bankman-Fried (SBF) donated money would attempt to have their money returned. The three Democratic primary committees announced that they will set aside more than $1 million in contributions from convicted crypto tycoon SBF, who is suspected of making tens of millions of dollars in unauthorized campaign contributions.
Over $1 Million To Be Returned
SBF’s political contributions to United States’ political parties have come under more scrutiny since his arrest on December 12. The accused entrepreneur used the “dirty money,” according to U.S. Attorney Damian Williams, to buy influence and shape public policy in Washington.
Read More: SBF Political Donations Can Be Reclaimed As ‘Fraudulent Transfers’
The Democratic National Committee, the Democratic Senatorial Campaign Committee, and the Democratic Congressional Campaign Committee were among the organizations to which he donated money.
Democrats Await Legal Process
DNC spokesman Daniel Wessel said in a statement on Friday that the organization will set away the $815,000 in contributions it has gotten from Bankman-Fried since 2020. In addition to giving directly to the DNC, the Democratic Grassroots Victory Fund, and the Biden Victory Fund—a joint fundraising group endorsed by Joe Biden’s presidential campaign.
Read More: CEO John J. Ray III Claims “Embezzlement” Root Cause Of FTX Collapse
Wessel was further quoted saying,
We will return as soon as we receive proper direction in the legal proceedings
Similar assertions were made by representatives of the DSCC and DCCC, the official campaigns for the Senate and House Democrats, respectively.
According to spokesperson David Bergstein, the DSCC group received $103,000 in donations related to Bankman-Fried and, like the DNC, is planning to return them once it receives the right instructions.
Read More: Guggenheim’s Minerd Warns Of More Crypto Fallouts Due To FTX Collapse
In a statement, the DCCC stated that it is “waiting for further guidance from the government on what to do with the money based on their legal proceedings.”
Individual Politicians Step In
Additionally, individual politicians have stated their intent to return their portion of the SBF generosity.
If a thief randomly contributes $2,900 to you online. I recommend donating the $ to the Border Patrol Foundation like I did.
— Tony Gonzales (@TonyGonzales4TX) December 16, 2022
Also, another $1 million donation from SBF was reportedly returned by the Beto O’Rourke campaign in Texas. Additionally, Greg Casar, stated that nearly the $6,800 worth of donations he received, will go to the advocacy group Fight Corporate Monopolies.
The post How Much Of Sam Bankman-Fried’s Donations Are U.S. Politicians Giving Up? appeared first on CoinGape.
