Funds of SBF are no longer needed by the Democrats, as three committees have agreed on returning up to 1 million dollars to investors who have lost their funds due to the collapse of FTX. In fact, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC), and the Democratic Congressional Campaign Committee (DCCC) have pledged to pay back the political donations made by SBF after he was charged with eight counts of financial crimes.
When asked to comment on this topic, a DNC spokesperson stated that In light of Bankman-Fried’s allegations of possible campaign finance violations, they are currently setting aside funds to repay $815,000 in contributions through 2020. He also stated that they will get back as soon as they receive proper instructions on the legal process.
In addition to that, after SBF earlier admitted to being a “significant donor” to both parties, DSCC and DCCC, they have also reportedly pledged to set aside $103,000 and $250,000, respectively. In fact, the SBF has also disclosed that is willing to spend up to $1 billion on the 2024 presidential election campaign. Nonetheless, none of his plans are likely to happen.
According to reports, White House press secretary Karine Jean-Pierre has refused to respond to any questions related to the return of SBF’s past donations to the party. When asked to comment on the topic, she simply responded by saying that she is covered here by the Hatch Act. What is the Hatch Act? Well, Hatch Act restricts civil service employees, mainly from federal agencies, from engaging in some forms of political activity.
It is also important to note that Bankman was the second-largest “CEO contributor” to the 2020 presidential campaign led by Biden. At that time, he made a donation of $5.2 million.