Democrats Return More Than $1 Million In Donations From Bankman-Fried

According to The Washington Post, three significant Democratic political parties have said they will refund more than $1 million in political donations that democrats received from Sam Bankman-Fried, and eventually seek to return the money to the exchange’s customers.

A representative for the Democratic National Committee said that Bankman-Fried will be returning $815,000. Additionally, the party’s Senate and House campaign committees will set aside a combined $353,000 to refund after getting guidance from the court.

The decision to return party cash comes after a hasty effort by individual politicians to separate themselves from Bankman-Fried by donating the money he gave to charity after learning of problems at the exchange.

According to Federal Election Commission reports, the crypto tycoon who was indicted by the government donated $45,000 to the National Republican Congressional Committee. During the 2022 cycle, the committee also got $89,200 from Ryan Salame, co-CEO of FTX Digital Markets.

The former FTX CEO contributed about $40 million, mostly to Democrats, even though he previously claimed that he had surreptitiously given the same amount to Republicans through dark-money organizations that do not reveal their sources.

Both the Democratic Congressional Campaign Committee and the Democratic Senatorial Campaign Committee intend to refund $250,000 and $103,000 in that order.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

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