Sam Bankman-Fried's fall cuts off big source of funds for US Democrats

[WarGamer]

This is a major scandal, wouldn't be surprised if it turns into a House Investigation IF the GOP takes control OR if the Democrats keep control.

Bankman-Fried started the "Protect our Future" PAC, promising 1 Billion dollars in donations if Trump ran in 2024.

In 2022, Bankman-Fried was the Democrats largest donor behind only George Soros.

Jeff Hauser, director of the left-leaning Revolving Door Project, said that Democratic politicians who worked closely with Bankman-Fried will have much to explain to the progressive wing of the party.

“A lot of people in the Democratic party got really close to Sam Bankman-Fried, and it reflects very badly on people who took this guy seriously,” he said. “People who in their past lives have taken on corporate power have been bedazzled by money seemingly being thrown their way.”

Bankman-Fried was the primary funder of the Protect Our Future PAC, which spent tens of millions of dollars in Democratic primaries this year. He also floated the idea of spending upwards of $1 billion in the 2024 presidential election to beat Donald Trump if he were the Republican nominee.

It has all the hallmarks of a blockbuster. Billions in missing money, Tens of Billions in cryptocurrency reduced in value to pennies on the dollar. And political connections at the top of DC.








Sam Bankman-Fried stormed on to the US political scene with multimillion-dollar donations that led lawmakers, particularly Democrats, to believe he was ushering in the next generation of donors. But in a matter of days, his business empire collapsed into bankruptcy and the prospect of millions more in donations evaporated.

Before the fall of Bankman-Fried’s cryptocurrency exchange FTX, the entrepreneur had emerged as the second-largest donor to Democrats after George Soros. He had vowed to give up to $1bn to political candidates linked to causes he supported, a pledge from which he later backed away.

https://www.ft.com/content/428c7800-c72d-4c59-9940-4376fea6e263
https://www.coindesk.com/policy/2022/11/10/washington-dcs-buddy-sam-bankman-fried-has-some-explaining-to-do/

[Merlot]

1. Just a coincidence, I'm sure.