Democrats to set aside donations from ex-FTX CEO Sam Bankman-Fried
File photo of Sam Bankman-Fried
Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs).
A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs.
ALSO READ |FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports
According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund.
“We will return as soon as we receive proper direction in the legal proceedings,” Wessel said.
Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the
Democratic Congressional Campaign Committee (DCCC).
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ALSO READ |Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know
The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said.
The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added.
Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance.
(With inputs from agencies)
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