Democrats plan to relinquish donations from FTX founder Sam Bankman-Fried
by Ryan King, Breaking News Reporter
December 17, 2022 01:15 PM
At least three prominent Democratic groups are vowing to set aside donations from disgraced FTX founder Sam Bankman-Fried as the fallout from his cryptocurrency firm's collapse continues to fester.
Bankman-Fried, also known as SBF, had donated about $40 million to Democrats and also made "dark money" contributions to Republicans. Three Democrat-aligned groups that received donations from him (the Democratic National Committee, the Democratic Congressional Campaign Committee, and the Democratic Senatorial Campaign Committee) are planning to relinquish those funds, per the Associated Press.
“We will return as soon as we receive proper direction in the legal proceedings,” Daniel Wessel, a DNC spokesman, told the news outlet.
SBF was arrested Monday and slapped with eight felony charges, including wire fraud and campaign finance violations. A judge denied bail for him Tuesday, and he is being held at a prison in the Bahamas pending his Feb. 8 extradition hearing.
Since his fall from glory, critics have raised questions about his influence on Capitol Hill, with records showing him making a wide array of donations to members of Congress. Some, such as Rep. Jim Costa (D-CA), have expressed their intent to return or donate funds they received from the cryptocurrency mogul.
SBF was the second-largest donor to Democrats after George Soros during the 2022 midterm elections, according to data from OpenSecrets. He gave at least $815,000 to the DNC, $103,000 to the DSCC, and $250,000 to the DCCC, according to the Associated Press.
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https://www.washingtonexaminer.com/politics/democrats-plan-relinquish-sam-bankman-fried
