Dems silent on returning millions in donations from FTX founder
close video Sam Bankman-Fried stole from investors: John Fishwick
Former U.S. attorney John Fishwick weighs in on former FTX CEO Sam Bankman- Fried’s arrest and what cryptocurrency regulations could come into play on ‘Kennedy.’
Two of the biggest Democratic beneficiaries of disgraced FTX founder Sam Bankman-Fried's campaign donations reportedly won't say whether they plan to return the donations.
The House Majority PAC and the Senate Majority PAC together received $7 million from Bankman-Fried over the past two years, according to the Washington Post. Among Bankman-Fried's long list of charges are accusations that he conspired to violate campaign finance laws with eight-digit donations, raising questions for any political group that received funding from him.
Neither Democratic PAC would say whether it has plans to return any of the donations from Bankman-Fried, according to WaPo. Neither organization immediately responded to a request for comment from Fox News Digital.
EX-CRYPTO BOSS SAM BANKMAN-FRIED SLAMMED FOR COMMITTING ‘PURE AND SIMPLE, GOOD OLD-FASHIONED FRAUD’
Sam Bankman-Fried, founder and former chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview. (Photographer: Jeenah Moon/Bloomberg via Getty Images / Getty Images)
U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) speaks as she introduces President Joe Biden during the 2022 House Democratic Caucus Issues Conference. (Photo by Alex Wong/Getty Images) (Photo by Alex Wong/Getty Images / Getty Images)
In total, Bankman-Fried reportedly spent upward of $40 million on campaign donations in the 2022 midterm cycle, with the vast majority going to Democrats.
The disgraced crypto billionaire was arrested in the Bahamas on Monday evening, just as federal prosecutors in New York filed charges against him. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) also filed charges against him on Tuesday.
FTX LIVE UPDATES: FOUNDER SAM BANKMAN-FRIED INDICTED IN NEW YORK, ARRESTED IN BAHAMAS
In total, Bankman-Fried faces charges of conspiracy to commit wire fraud on customers; committing wire fraud on customers; conspiracy to commit wire fraud on lenders; committing wire fraud on lenders; conspiracy to commit commodities fraud; conspiracy to commit securities fraud; conspiracy to commit money laundering, and conspiracy to defraud the US and violate campaign finance laws.
Chairwoman Rep. Maxine Waters, D-Calif., and ranking member Rep. Patrick McHenry, R-N.C., prepare for the House Financial Services Committee hearing titled Investigating the Collapse of FTX, Part I. (Tom Williams/CQ-Roll Call, Inc via Getty Images) (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
Bankman-Fried was denied bail during a hearing in the Bahamas on Tuesday. He was scheduled to testify remotely to the House Financial Services Committee on Tuesday, but his arrest prevented his appearance.
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U.S. authorities are seeking his extradition to American soil.
