Some have suggested FTX was nothing but a Democrat Party slush fund, with Bankman-Fried relishing his role as second largest Democrat funder in the 2022 cycle (behind George Soros). It certainly bought him access to the upper echelons of the party, as White House log books and photos of him rubbing elbows with Bill Clinton demonstrate. And the grift goes on.
Considering the nefarious nature of these donations’ origins, shouldn’t the oh-so-principled Democrats return the dirty money to FTX’s investors?
Fox News contributor Miranda Devine, appearing on “Fox & Friends” this morning, noted that the Democrats had benefitted greatly from Bankman-Fried’s fraudulent largesse:
“And the Democrats, with their $40 million that they got at least this cycle to win the midterms, plus the $10 million that this guy put into Biden’s campaign in 2020, they really owe it to the victims of this scam to give it back,” she said, noting that Bankman-Fried visited the White House several times this year.
What exactly did Bankman-Fried get in return for his $50 million (and subsequent pledge to donate $1 billion in 2024)? According to Devine, he “was behind a whole lot of legislation that was being drafted that was supposedly going to regulate crypto, but keep the SEC out of it.” Oh.
In lieu of Democrats actually returning the money, there will be hearings instead: Top House Committee to Hold Hearing Into FTX Collapse.
Rep. Maxine Waters (D-Calif.) and Rep. Patrick McHenry (R-N.C.), respectively the chair and ranking member of the committee, said in a joint statement that the lawmakers would want to hear about the collapse of the crypto exchange and its “broader consequences” for the cryptocurrency ecosystem. The committee plans to hear testimony from now-former FTX CEO Sam Bankman-Fried and representatives from FTX, its sister company, Alameda Research, and Binance, which briefly suggested it would acquire FTX.
FTX’s collapse harmed over a million users, Waters said in a statement,”Unfortunately, this event is just one out of many examples of cryptocurrency platforms that have collapsed just this past year,” she said. “… [I] know that we need legislative action to ensure that digital assets entities cannot operate in the shadows outside of robust federal oversight and clear rules of the road.”
That ought to do it! In the meantime:
It’s all that “effective altruism” sending peace, love, and slush funds around the world!