Thursday, November 17, 2022

The cryptocurrency windfall for Democrats



Democratic beneficiaries

Many may now associate FTX with loss and misfortune. The same may not be true for a legion of Democrats.

Prior to the collapse of FTX and his professional demise, Bankman-Fried made a name for himself as a Democrat megadonor. 

TheBlaze previously reported that Bankman-Fried donated $10 million to then-candidate Joe Biden in 2020 and spent at least $39,826,856 this year in an effort to help Democrats win their House races.

Fox Business reported that in 2021 and 2022, Bankman-Fried donated roughly $38 million to Democratic candidates and leftist PACs.

FTX funneled $27 million through the leftist PAC Protect Our Future, accounting for nearly 95% of the funds raised by the PAC.

Citing Federal Election Commission filings, Fox Business noted that Bankman-Fried wired $9 million to the PAC in February and then made three subsequent donations collectively worth $18 million between March and June.

Another $1 million was donated to the PAC by top FTX executive Nishad Singh.

The group supported the following Democrats: 

Fox Business indicated that the PAC also shelled out between $200,000 and $972,00 to several other leftist politicos, including Rep. Jesus Garcia (Ill.) and Reps.-elect Morgan McGarvey (Ky.), Maxwell Frost (Fla.), and Sydney Kamlager (Calif.). 

In May, Bankman-Fried told Jacob Goldstein of "What's Your Problem?" that he was considering donating "north of $100 million" and up to $1 billion to Democrats in the 2024 presidential elections.

Editor's note: This article has been corrected to state that Bankman-Fried donated roughly $38 million to Democrat candidates and leftist PACs in 2021 and 2022, not 2001 and 2022.

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