Democrats to Return 1 million SBF Funds to FTX Victims
2022.12.17 01:46
Democrats to Return 1 million SBF Funds to FTX Victims
Budrigannews.com – Three prominent Democratic groups have reportedly decided to return over $1 million to investors whose funds were misappropriated following the arrest of former FTX CEO Sam Bankman-Fried (SBF).
On Dec. 16, the Popularity based Public Council (DNC), the Majority rule Senatorial Mission Board of trustees (DSCC) and the Majority rule Legislative Mission Advisory group (DCCC) swore to return SBF’s political gifts after the business person was accused of eight counts of monetary wrongdoings.
The Verge reports that a spokesperson for the DNC confirmed this decision while speaking with a media outlet:
“Given the allegations around potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020. We will return as soon as we receive proper direction in the legal proceedings.”
The Washington Post reports that the other two Committees, DSCC and DCCC, have also reportedly pledged to set aside $103,000 and $250,000, respectively. SBF recently conceded to being a “critical contributor” to the two sides of the political range.
1) I was a significant donor in both D and R primaries.
Supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC.
And working with them to support permissionless finance.
— SBF (@SBF_FTX) November 5, 2022
In a podcast earlier this year, SBF said that he would spend up to a billion dollars to help influence the campaigns for president in 2024.
Karine Jean-Pierre, the White House press secretary, declined to respond to inquiries regarding the return of SBF’s previous donations to the party.
She replied, “I’m covered here by the Hatch Act,” which forbids civil servants, particularly those employed by federal agencies, from engaging in certain forms of political activity.
With his $5.2 million in contributions, Bankman was the second-largest “CEO contributor” to Biden’s 2020 presidential campaign.
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