Following the eight counts of financial crimes on FTX’s former CEO, three democratic committees, the DNC, the DSCC, and the DCCC, have reportedly pledged to return SBF’s political donations to fund some of the exchange’s victims.
Three well-known Democratic groups have resolved to repay over $1 million to investors who lost their money as a result of misappropriation after the arrest of former FTX CEO Sam Bankman-Fried (SBF).
After the businessman was charged with eight counts of financial crimes on Dec. 16, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC), and the Democratic Congressional Campaign Committee (DCCC) vowed to repay SBF’s campaign contributions.
In an interview with the Verge, a DNC spokeswoman apparently confirmed this choice:
“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.”
According to the Washington Post, the other two Committees, DSCC, and DCCC have also allegedly promised to put aside $103,000 and $250,000, respectively. SBF previously acknowledged having given “significantly” to both political parties.
SBF has previously said in a podcast that he intended to spend up to $1 billion to influence the 2024 presidential election campaigns.
Karine Jean-Pierre, the press secretary for the White House, declined to respond to inquiries on the reimbursement of SBF’s prior contributions to the party.
She said, “I’m protected here by the Hatch Act,” which forbids civil service personnel, particularly those working for federal agencies, from participating in certain political activities, when questioned.
With his $5.2 million in contributions, Bankman was the second-largest “CEO donor” to Biden’s 2020 campaign.
