Sam Bankman-Fried has been accused of violating campaign finance laws as part of a scheme to illegally funnel millions of dollars to candidates and political action groups ahead of the 2022 midterm elections
Here’s What We Know About Sam Bankman-Fried’s Political Donationsisgraced FTX co-founder Sam Bankman-Fried faces a litany of charges tied to the collapse of his cryptocurrency exchange.
Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months, placing him among the nation’s top political donors. He personally gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats, only behind George Soros, according to the Center for Responsive Politics.
In addition, he personally contributed the individual maximum of $5,800 to more than a dozen members of Congress including Senators Debbie Stabenow, a Michigan Democrat, and Sen. John Boozman, an Arkansas Republican, who lead the Senate Agriculture Committee, which has a role in regulating cryptocurrency.
Given that he donated nearly $40 million to Democrats in the 2022 election cycle—and he admitted to giving an equal amount to Republicans—his total political contributions may have actually been around $80 million. Political donations from FTX or its top executives accounted for most of the industry’s political spending.A number of lawmakers from both parties are facing growing pressure to give up their campaign contributions from Bankman-Fried and other FTX executives in light of allegations that he stole customer funds.
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