{"id":17846,"date":"2023-02-19T22:31:13","date_gmt":"2023-02-19T22:31:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/democrats-to-return-2-2-of-45-2-million-donation-made-by-ftxs-co-founder-sam-bankman-fried-bitcoin-news\/"},"modified":"2023-02-19T22:31:13","modified_gmt":"2023-02-19T22:31:13","slug":"democrats-to-return-2-2-of-45-2-million-donation-made-by-ftxs-co-founder-sam-bankman-fried-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/democrats-to-return-2-2-of-45-2-million-donation-made-by-ftxs-co-founder-sam-bankman-fried-bitcoin-news\/","title":{"rendered":"Democrats to Return 2.2% of $45.2 Million Donation Made by FTX’s Co-Founder Sam Bankman-Fried \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million to Joe Biden\u2019s campaign in 2020 and more than $40 million to Democrats leading up to the U.S. midterm election cycle, three major Democratic organizations plan to return 2.2% of the funds, or $1 million, to the now-defunct crypto exchange. Of the total $1 million, the Democratic National Committee (DNC) is setting aside $815,000 to return to the bankrupt estate.<\/strong><\/p>\n

Democrats to Return Just 2.2% of Funds, Donated by Disgraced FTX Co-Founder, to Now-Defunct Crypto Exchange<\/h2>\n

Before his arrest, Sam Bankman-Fried (SBF) was known to have made significant contributions to the Democratic Party. In fact, estimates<\/a> indicate that one in three members of Congress received a direct contribution from SBF and his inner circle. Since 2020, SBF has donated substantial sums of money to Democrats, and he has claimed<\/a> to have made undisclosed donations to Republican candidates. SBF made the second-largest monetary donation to Joe Biden\u2019s campaign in 2020, giving the current president $5.2 million.<\/p>\n

In a press briefing on Dec. 13, 2022, a reporter asked<\/a> White House press secretary Karine Jean-Pierre if the administration would return the funds. Jean-Pierre declined to comment, citing the Hatch Act. \u201cAnything that\u2019s connected to political contributions, from here I would have to refer you to the DNC,\u201d Jean-Pierre said. SBF was the second-largest donor to the Democrats under George Soros, giving significant funds to Joe Biden\u2019s campaign in addition to other contributions leading up to the U.S. midterm elections.<\/p>\n

\"Democrats<\/p>\n

According to Federal Election Commission (FEC) records and data<\/a> from opensecrets.org, SBF gave Democrats at least $40 million in donations. Tesla CEO Elon Musk has suggested<\/a> that SBF may have given significantly more to Democrats over the years, possibly even up to $1 billion. The bankrupt estate is now asking<\/a> for the $45.2 million given to Democratic candidates, political action committees, and Biden to be returned to the company so it can pay back creditors. Three major Democratic organizations plan to return $1 million of the funds, which represents approximately 2.2% of SBF\u2019s total $45.2 million contribution.<\/p>\n

The Democratic Congressional Campaign Committee and the Democratic Senatorial Campaign Committee will return<\/a> $353,000, according to various news publications. The DNC also plans to return $815,000 to the bankrupt FTX estate. \u201cGiven the allegations of potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020,\u201d a DNC spokesperson said<\/a>. \u201cWe will return the funds as soon as we receive proper direction in the legal proceedings.\u201d<\/p>\n

Returning $1 million or 2.2% of the funds back to the bankrupt estate still leaves $44.2 million that SBF gave to the party\u2019s PACs and candidates. It is notable that the Democratic parties have not offered to return the entire remaining balance, and some U.S. bureaucrats have taken it upon themselves<\/span> to donate the money<\/a> to charity. One concern is that the funds may have been acquired through fraudulent means, which could be viewed as rewarding and legitimizing such behavior.<\/p>\n

Moreover, returning only 2.2% of the funds back to the bankrupt estate could be seen as a political calculation rather than a moral one. It\u2019s unclear whether the FTX debtors will be satisfied with receiving just 2.2% of the funds or if they will seek to reclaim a greater portion of the political donations made by Bankman-Fried.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
alleged violations<\/a>, bankrupt estate<\/a>, Bankruptcy<\/a>, campaign contributions<\/a>, campaign finance<\/a>, Congressional Campaign Committee<\/a>, creditors<\/a>, Democratic National Committee<\/a>, democratic party<\/a>, Democrats<\/a>, donations<\/a>, Elon Musk<\/a>, FEC<\/a>, fraudulent means<\/a>, ftx<\/a>, George Soros<\/a>, government ethics<\/a>, Joe Biden<\/a>, legal proceedings<\/a>, moral decision-making<\/a>, news media<\/a>, PACs<\/a>, political action committees<\/a>, political calculation<\/a>, political donations<\/a>, Sam Bankman-Fried<\/a>, Senatorial Campaign Committee<\/a>, US midterm elections<\/a>, US politics<\/a>, White house<\/a><\/div>\n<\/div>\n

What do you think the Democratic Party and its candidates will do with the remaining $44.2 million in donations from Sam Bankman-Fried? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n