Sunday, October 1, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News ftx

“SBF Bought Political Influence,” Says US Rep; Will It Save Him With Jail Term?

news by news
December 13, 2022
in ftx, News, Sam Bankman-Fried, sbf, United States
0
“SBF Bought Political Influence,” Says US Rep; Will It Save Him With Jail Term?
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

READ ALSO

“This Village Beat the Bully”- Ripple CEO at XRP Proper Party

FTX Exploiter Moved A total of Over 10,000 ETH In Last 24 Hours

sbf political influence

With the gradual unfolding of the high-pitched drama surrounding the FTX collapse and its founder Sam Bankman-Fried, the community stands divided on the various tactics exercised by SBF to gain prominence in the industry. From loaning out $43 million to crypto news media company TheBlock to donating prominent political candidates for their election campaigns — SBF penetrated deep into reshaping his image as the next crypto messiah.

SBF’s Political Goals

The 30-year old cryptocurrency wunderkind Sam Bankman-Fried has splurged tens of millions of dollars over the past year trying to alter the way Washington and the rest of the world viewed cryptocurrencies and other digital assets.

In just three years, he built the industry-leading cryptocurrency exchange FTX, which was reportedly valued at $32 billion. He rose from anonymity to become the second-largest Democratic donor in the midterm elections, gaining massive political clout, with a few extremely influential officials.

Read More: SBF Says Senate Hearing “Not Currently Scheduled” For Attending

According to OpenSecrets, a nonprofit located in Washington, D.C., the founder and former CEO of FTX contributed about $40 million to Democrats this election cycle, second only to George Soros, who distributed around $128 million.

Reasons For Political Influence

In a recent interview on CNBC’s episode of Squawk Box, when asked whether or not the now-behind-bars founder “bought Washington” — implying to the term of buying political power through donations, the U.S. Representative, Patrick McHenry acknowledged the fact by saying “he [SBF] tried”

“Wouldn’t it be easy to change the rules so that the SEC could protect investor interest?” @BeckyQuick asks @PatrickMcHenry about @FTX_Official: pic.twitter.com/Qw1YOJieTm

— Squawk Box (@SquawkCNBC) December 13, 2022

Patrick emphasizes on the fact that, in SBF’s interview with Vox, it shows that “he was a manipulator of world-class capacity and he’s trying to pull off something that was light-touch regulation for his platform”

While talking about Bankman-Fried’s actual reason for gaining political traction, Patrick states that,

He worked with the Securities Exchange Commission and the CFTC, seeking out a commodity regulatories regime for his platform. So, what I’m looking at is a proper balance so that consumers will not fall prey to any successor of FTX.

Donations Being Returned?

However, it doesn’t seem all good with the FTX founder’s political ambitions, as few of the political candidates who he donated to, are returning their funds back. The total returned or re-donated contributions represent almost $1.2 million of Bankman-Fried’s political contributions, which is roughly 3% of all his campaign donations.

And with the SEC charging him with fraud, hours before his Congressional hearing, things look pretty bleak for SBF — crypto’s once shining star.

Read More: SBF Built A House Of Cards, Says SEC Chair

In the United States, deceiving investors can result in sentences of more than 10 years in prison.

The post “SBF Bought Political Influence,” Says US Rep; Will It Save Him With Jail Term? appeared first on CoinGape.

Related Posts

24/7 Cryptocurrency News

“This Village Beat the Bully”- Ripple CEO at XRP Proper Party

October 1, 2023
24/7 Cryptocurrency News

FTX Exploiter Moved A total of Over 10,000 ETH In Last 24 Hours

October 1, 2023
24/7 Cryptocurrency News

Just In: DOJ to Summon FTX Clients, Investors, and Employees in SBF Case

September 30, 2023
24/7 Cryptocurrency News

Breaking: Brazil Launches Blockchain-Powered National Digital ID

September 30, 2023
24/7 Cryptocurrency News

Just In: DALL-E 3 Ignites Artistry Rebirth via Bing Creator AI

September 30, 2023
24/7 Cryptocurrency News

US Treasury Secretary Sounds Alarm on Possible Recession in Case of Government Shutdown

September 30, 2023
Next Post
Breaking: Manhattan Court Finds FTX Founder SBF Guilty To Wire Fraud

Breaking: Manhattan Court Finds FTX Founder SBF Guilty To Wire Fraud

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Dump Alert: Celsius Plans To Sell Altcoins Under Reorganization Plan

Dump Alert: Celsius Plans To Sell Altcoins Under Reorganization Plan

June 15, 2023

Breaking: Swaprum DEX On Arbitrum Rug Pulls $3M, SAPR Token Crashes 100% | Coingape

May 19, 2023

Breaking: Binance Exec Refuses Mixing Users Funds; Debunks Report | Coingape

May 23, 2023
Bitcoin Price Today: Bitcoin (BTC) Jumps By 0.64% In The Last 24 Hours

Bitcoin Price Today: Bitcoin (BTC) Jumps By 0.64% In The Last 24 Hours

February 7, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In