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Democrats to Return Over $2M in Sam Bankman-Fried Political Donations

2 mins
Updated by Paolo Besabella
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In Brief

  • Three Democrats groups will return over $1 million donated to them by Sam Bankman-Fried.
  • Reports revealed SBF majorly backed pro-crypto lawmakers and political groups.
  • Several individual politicians have revealed intentions to return the donations from SBF and his associates.
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Three Democratic political groups FTX founder Sam Bankman-Fried (SBF) donated to will seek to return the funds, The Washington Post reported.

Following SBF’s arrest on Dec. 12, increased scrutiny has been placed on his political donations to political parties in the United States. U.S. Attorney Damian Williams said the disgraced founder used the “dirty money” to buy influence and impact public policy in Washington.

Over $1 million SBF’s Political Donation to be Returned

The three groups -the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC), and the Democratic Congressional Campaign Committee (DCCC)- told newsmen they would seek to return the donations they got from SBF.

Democrats U.S. Senate

According to the Dec. 16 report, DNC’s spokesperson Daniel Wessel, the group will return the $815,000 it got from the FTX founder. DSCC’s David Bergstein also shared the sentiment, saying the group would set aside the $103,000 it got.

A spokesman for third group DCCC said they were waiting for government guidance on how to return the $250,000 they got.

Democrats Enjoyed Enormous Patronage From SBF and Cronies

Meanwhile, SBF was one of the major political donors to the democratic party. Reports revealed that he spent around $40 million on political donations, majorly backing pro-crypto lawmakers from both parties.

According to several reports, SBF’s cronies also partook in some of this political donations. Federal records showed that FTX’s co-CEO Ryan Salame donated around $20 million to GOP candidates and organizations.

The Washington Post reported that a PAC supporting Senate Democrats would refund the $1 million donation it got from FTX’s Nishad Singh and SBF. According to the group’s spokesperson, the funds would be set-aside.

Other Politicians Look to Return Donations

Individual politicians have also revealed intentions to return their share from the SBF largesse.

The Washington Free Beacon reported that Rep. Chuy Garcia said he would return a $2,900 contribution from the former billionaire.

Texan politician Beto O’Rourke campaign office said they returned a $1 million donation from SBF. Another politician, Greg Casar said the roughly $6800 donations would be donated to the Fight Corporate Monopolies advocacy group.

Several other politicians have also reportedly said they would donate the funds.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.