Former FTX CEO Sam Bankman-Fried and his cofounders donated over $300,000 to nine lawmakers who are now investigating the company for wrongdoing.
Bankman-Fried and his cofounders donated $300,351 to nine members of the House Financial Services Committee; the largest donations were to members of the Digital Assets Working Group, which is working on cryptocurrency regulation.
The House Financial Services Committee announced earlier this week that the committee would investigate any wrongdoing by Bankman-Fried and FTX.
Only Rep. Chuy Garcia (D-IL) said he would return a $2,900 donation from Bankman-Fried.
Although Bankman-Fried has donated to Republicans, 95 percent of the donations went to Democrats and Democrat campaign committees.
Bankman-Fried’s PAC, Protect Our Future PAC, spent $199,851 backing Garcia. The disgraced CEO and his brother, Gabriel, gave $40,300 to Rep. Ritchie Torres’s (D-NY) campaign and two of his political committees, the Torres Victory Fund and La Bamba PAC. Bankman-Fried and his head of the regulatory division gave $16,600 to Rep. Josh Gottheimer (D-NJ). Other Bankman-Fried employees gave $500 to Rep. Jim Himes (D-CT), and $9,100 to Rep. Sean Caster (D-IL).
Torres, Gottheimer, Himes, and Casten were all members of the Digital Assets Working Group.
Bankman-Fried also gave $11,600 to Rep. Jake Auchincloss (D-MA) and $5,000 to the super PAC for Rep. Cindy Axne (D-IA).
Bankman-Fried also generously donated to Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR), who have pushed a cryptocurrency regulation bill, the Digital Commodities Consumer Protection Act, a bill that Bankman-Fried backs.
The Washington Free Beacon reported:
His intensive lobbying campaign appeared to pay off before his company’s demise. He supported legislation proposed by Sen. Debbie Stabenow (D., Mich.) and Sen. John Boozman (R., Ark.) that would have subjected the crypto industry to regulation by the Commodity Futures Trading Commission, not the larger and aggressive Securities and Exchange Commission.
Bankman-Fried donated $5,800 to Stabenow’s campaign in February and $20,800 to her joint fundraising committee in January. Bankman-Fried gave $5,800 to Boozman in January and $5,800 to committee member Sen. John Hoeven (R., N.D.) in June. He gave a combined $31,000 to campaigns and joint fundraising committees tied to Sens. Cory Booker (D., N.J.), Tina Smith (D., Minn.), Dick Durbin (D., Ill.), and Kirsten Gillibrand (D., N.Y.), who serve on the Senate Agriculture Committee.
The 30-year-old entrepreneur donated $5 million to a super PAC that supported President Joe Biden in 2020 and $40 million this cycle, largely to Democrats. He contributed $6 million to the House Majority PAC, $1 million to the Senate Majority PAC, and nearly $900,000 to the Democratic National Committee.
House Financial Services Committee Chair Maxine Waters (D-CA) has dodged questions on whether Democrats should return donations from Bankman-Fried and his associates.
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.