Crypto funding has been in the industry for two years and since then more and more firms are getting involved. The latest one happens to be the news that says FTX founder Sam Bankman-Fried lending money to the US Congress members.
As per the reports, more than one in three of 535 the US Congress members have received some form of money from Sam Bankman-Fried or any other key member of FTX for their political campaign. The 196 members of US Congress include the new speaker of the House Kevin McCarthy, Chuck Schumer a Senate Majority leader along with Congresswoman Nancy Pelosi and Senator Mitt Romney. Many of these 196 members have been appointed to the Congress just recently who had received cash from SBF.
Where Did FTX Aided Political Donations Go ?
Now the question arises where did the money go. Well, most of the politicians claim that they funded charities so that no trace of contribution is left after FTX collapsed. While others confronted that with the consent of the US Department of Justice the money is kept aside so that it can be dumped into the funds that are kept for FTX victims.
Meanwhile, another 38% of the receivers have claimed that they are still holding the money until there isn’t any official statement from the government on how to return the money. Also among these, Rep. Lou Correa (D-Calif.) is one who revealed that he received FTX contributions of $2,900 directly from Sam Bankman-Fried.
On the other hand, Anthony Sabino who is a bankruptcy expert claims that this process of returning the money will take more time than expected. He then says that it’s the duty of the court to figure out whether this cash is accountable for fraud or not.
Interestingly, 37% of the Congress members who received money from SBF are the lawmakers who will decide the US regulation on cryptocurrencies. In total, SBF and FTX have raised nearly $40 million US dollars in terms of political donations. This amount was raised during the 2022 political cycle.
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