Most of the candidates who received direct campaign donations from FTX co-founder Sam Bankman-Fried say they intend to donate the money in the wake of the collapse of his cryptocurrency exchange and his arrest.
NBC News and CNBC contacted the 59 Democratic and GOP candidates, many of whom won their races, who received individual contributions fromsaid they plan to donate the money to charity, whileothers said they intended to return the donation or hold it until federal investigators gave them next steps. Three campaigns could not be reached.
“I have long had serious concerns about crypto and the financial risks it presents to retail investors, which is only underscored by what’s happened at FTX," she said in a statement."It’s clear we need to think carefully about how crypto is regulated and how we can best protect consumers and the economy.”
The aim was to build friendly relationships with candidates on both sides of the aisle and affect policymaking around the crypto industry no matter the outcome of the 2022 election, prosecutors said Tuesday at a news conference where they unveiled an eight-count criminal indictment against the 30-year-old crypto investor.
“Clearly this was not Sam Bankman-Fried’s money to give, and for that reason, I plan to return his campaign contributions to the bankruptcy fund that emerges to compensate FTX customers," Rep. Angie Craig, D-Minn., said.It remains unclear what enforcement mechanism would require political groups to return donations. Recovering those funds via bankruptcy proceedings, which is the most likely route, could take a long time and depend on applicable state and federal regulations.
He was the primary donor to Protect Our Future super PAC, which was newly founded before the midterms. According to campaign finance records, the group used its funds to back numerous causes and candidates that it said would take a long view of policy and be"champions for pandemic prevention." Carrick Flynn, who ran for a House seat in Oregon as a Democrat and lost, was the largest recipient of Protect Our Future's funding and also received an individual donation from Bankman-Fried. He could not be reached for comment.
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