Surveys reveal that crypto companies are among the top donors to candidates for the 2022 election season. Indeed, several of them have subsidized US politicians to the tune of $84.1 million through mid-October. Intriguingly, this came at a time when Congress is reviewing laws for the regulation of digital assets. It appears that Sam Bankman-Fried is among those players in the crypto industry who have supported the candidates in the elections the most.
70 million dollars offered to American politicians
In a recent political article, Bloomberg found that FTX US is among the crypto companies with strong participation in the 2022 election season. The US branch of the bankrupt exchange has subsidized politicians to the tune of $70 million. It happened weeks before FTX files for bankruptcy. the amount of donations made by FTX US represents 84% of the total participation of crypto companies in the 2022 election season.
It appears that some of the money, $1 million, was for the Senate Leadership Fund. The latter is linked to Republican Senate Leader Mitch McConnell. The Fund received the donation on October 27. Additionally, FTX US donated $750,000 to the Congressional Leadership Fund and $150,000 to the American Patriots PAC.
Both structures have lent their support to Republican candidates for the House of Representatives. The American subsidiary also offered $100,000 to the Alabama Conservative Fund, supporting Republican Katie Britt.
Will members of Congress return donations received?
XRP attorney John Deaton suggested that donations made by SBF and other FTX executives could be clawed back. According to him, the bankrupt crypto exchange has the option of asking the beneficiaries to return the funds to it.
Members of Congress have already announced that they will return the donations from FTX or donate them to charities. Among them are Democratic Senator from Illinois Richard Durbin and Republican Representative Kevin Hern from Oklahoma.
The data reveals that Sam Bankman-Fried is among the top donors to Democratic candidates. The former CEO of FTX paid $39.4 million to them. Ryan Salame, another bankrupt exchange executive, donated $23.6 million. This, mainly to Republican politicians.
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