Many politicians are returning the donations he gave.
TL:DR
•U.S. politicians are returning or giving away campaign donations from former FTX CEO Sam Bankman-Fried after the crypto exchange and trading desk filed for Chapter 11 bankruptcy protection.
• Most of the donations have gone to Democrats, totaling $46.5 million which ranks Bankman-Fried second only to Democratic mega donor George Soros according to OpenSecrets.
• Among those who haven’t returned or re-gifted the money are Sens. John Boozman (R-AR) and Debbie Stabenow (D-MI), House Speaker Nancy Pelosi (D-CA), and Mitt Romney (R-UT).
Politicians are returning Sam’s donations
U.S. politicians are returning or giving away campaign donations from former FTX CEO Sam Bankman-Fried after the crypto exchange and trading desk filed for Chapter 11 bankruptcy protection. The move comes as FTX tries to restructure $3 billion in debt and as questions mount about the company’s transparency and governance. FTX has been one of the biggest players in the burgeoning crypto industry, and Bankman-Fried is a major donor to both Democrats and Republicans. However, the company has come under fire for its lack of disclosure of its financials and its close ties to the Chinese government.
Old FTX team claims innocence
The original team of FTX denied any known wrongdoing, but the bankruptcy filing has raised concerns about the company’s practices. As a result, several politicians have decided to distance themselves from FTX and return or donate any campaign contributions from Bankman-Fried. Many of the politicians who have received campaign donations from Bankman-Fried are now returning the money or giving it away, totaling $46.5 million which puts him second only to Democratic mega-donor George Soros according to OpenSecrets.
Among those who haven’t returned or re-gifted the money is Sens. John Boozman (R-AR) and Debbie Stabenow (D-MI), House Speaker Nancy Pelosi (D-CA), and Mitt Romney (R-UT). It will be interesting to see how this story develops and whether any more politicians decide to return Bankman-Fried’s donations. In the meantime, you can check out OpenSecrets’ website to see a list of all of the politicians who have received donations from him.
FTX, which is a centralized cryptocurrency exchange filed for Chapter 11 bankruptcy protection this past November. The filing has also raised questions about the potential for illegal campaign contributions as well as what will happen to the money given to politicians who have yet to return it. Bankman-Fried is said to have donated money to over 250 politicians in total.
So far, most of the donations have gone to Democrats, totaling $46.5 million according to OpenSecrets. Among those who haven’t returned or re-gifted the money is Sens. John Boozman (R-AR) and Debbie Stabenow (D-MI), House Speaker Nancy Pelosi (D-CA), and Mitt Romney (R-UT). It will be interesting to see how this story develops and whether any more politicians decide to return Bankman-Fried’s donations.
Sam Bankman-Fried has quickly become a polarizing figure in political circles after his company FTX filed for Chapter 11 bankruptcy protection. The fact that many new revelations have come to light about Sam and his false “effective altruism” has made it very hard for anyone to want to be around the former FTX CEO. Moreover, recent tone-def appearances have done little to quell many’s angers towards the former CEO, who swears he had no idea he was spending clients’ money.
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