Three Democratic committees, the DNC, DSCC and DCCC, pledged to return SBF’s political donations after the contractor was indicted on eight counts of financial crimes.

Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three prominent Democratic groups have reportedly decided to pay back more than $1 million to investors who lost their money to a fork.

On Dec. 16, the Democratic National Committee (DNC), Democratic Senate Campaign Committee (DSCC), and Democratic Congressional Campaign Committee (DCCC) pledged to return SBF’s political donations after the contractor was indicted on eight counts of financial crimes.

A DNC spokesman reportedly confirmed this decision in an interview with The Verge news outlet:

“Following allegations of possible campaign finance violations by Bankman-Fried, we are providing funds to repay the $815,000 in donations made since 2020. judicial.”
The other two committees, DSCC and DCCC, have also reportedly committed to providing $103,000 and $250,000 respectively, according to The Washington Post. SBF has previously admitted to being a “significant donor” on both sides of the political spectrum.

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Earlier this year, SBF announced on a podcast that it plans to spend up to $1 billion to influence the 2024 presidential race.

Related: White House won’t say if it will return $5.2 million in SBF donations

White House Press Secretary Karine Jean-Pierre declined to answer questions related to the return of previous SBF donations to the party.

When asked, she replied that “I’m covered here by the Hatch Act,” which prohibits public employees, particularly federal agencies, from engaging in certain forms of political activity. .

Bankman-Fried was the second-largest “CEO contributor” to Biden’s presidential campaign in 2020, with $5.2 million in donations.

Source: CoinTelegraph

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