12-22-2022, 06:06 AM
Not Just Democrats: FTX Exec Gave Tens of Millions to GOP Causes
<!-- SC_OFF --><div class="md"><p>It’s no secret Sam Bankman-Fried shelled out millions to Democratic causes. </p> <p>But it turns out a fellow top executive — Ryan Salame, the former co-head of FTX’s derivatives business and FTX <strong>whistleblower</strong> — was backing Republicans and conservative PACs in a big way. </p> <p>Meanwhile, some of the donations from SBF himself may not have been properly <strong>disclosed</strong>, according to Bankman-Fried’s own telling.</p> <p>There is no knowing how much he gave under the table. The now-disgraced FTX founder has admitted he kept significant sums to Republicans under wraps. </p> <p>“I donated about the same amount to both parties,” Bankman-Fried <strong>told</strong> <strong>Tiffany Fong</strong>, a YouTube influencer, before his <strong>arrest</strong> in the Bahamas<a href="https://twitter.com/TiffanyFong_"><strong>.</strong></a> “All my Republican donations were dark.”</p> <p>His rationale, Bankman-Fried told Fong, had nothing to do with regulatory scrutiny. It was, instead, all about protecting his now-tarnished — but once pristine — public image. </p> <p>“Reporters freak the f— out if you donate to Republicans,” he said during the interview. “They’re all super liberal, and I didn’t want to have that fight.”</p> <h2>But Republicans cashed in, too</h2> <p>At least one executive did not share his concern. Salame, who then held the title of co-chief executive of FTX Digital Markets, made notable personal contributions to GOP campaigns and causes. </p> <p>Salame alone gave nearly $23 million almost exclusively to Republicans and right-leaning PACs, according to <strong>FEC data</strong>.</p> <p>Salame did not immediately respond to a request for comment.</p> <p>Bankman-Fried, arrested in the Bahamas, <strong>faces federal charges</strong>, including money laundering, wire fraud and campaign finance violations.</p> <p>According to Federal Election Commission (FEC) data, Bankman-Fried personally gave $40 million to various Political Action Committees (PACs) and individual candidates, almost entirely to Democrats.</p> <p>But FTX US, the American subsidiary of the crypto exchange, donated $500,947.30 between December 2021 and September 2022, according to FEC <strong>records</strong> — the majority to the crypto-focused <strong>GMI PAC</strong>, which primarily backed the Republican-aligned Crypto Innovation PAC during the 2022 midterms. Bankman-Fried served as the entity’s chief executive at the time of the donations. </p> <p>Crypto Innovation PAC, in turn, financed the campaigns of Republicans Michelle Bond — who lost the New York Republican primary for the House of Representatives in 2022 — and Rep. Markwayne Mullin of Oklahoma, who beat out his competition. The group also donated to Rep. Patrick McHenry, R-N.C., Sen. Ted Budd, R-N.C., and Sen. John Boozman, R-Ark., all of whom won their respective races. </p> <p>All had been <strong>vocal</strong> crypto advocates. At least back then. </p> <p>Bond also received at least $400,000 in consulting fees from FTX Digital Markets, according to the candidate’s <strong>financial disclosure report</strong> filed in August. No direct donations from FTX to Bond were reported in <strong>FEC filings</strong>. </p> <p>Salame was <strong>romantically involved</strong> with Bond. Salame was also a top donor to the <strong>WINRED PAC</strong>, which raked in over $1 billion and gave more than $300,000 to Bond, according to <strong>filings</strong>. </p> <p>Bankman-Fried’s personal disclosed donations went a long way toward advancing the recipients’ respective agendas, particularly the Protect our Futures PAC, a liberal initiative that credits $27 million of its total $28.5 million raised to Bankman-Fried himself. </p> <p>Reps. Lucy McBath, D-Ga., and Jasmine Crockett, D-Texas, were two PAC-supported candidates that went on to win their seats in 2022.</p> <p>By <a href="https://blockworks.co/news/the-gop-also-got-millions-from-ftx-execs">Blockworks</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Snowflake8050"> /u/Snowflake8050 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zrr5eq/not_just_democrats_ftx_exec_gave_tens_of_millions/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zrr5eq/not_just_democrats_ftx_exec_gave_tens_of_millions/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>It’s no secret Sam Bankman-Fried shelled out millions to Democratic causes. </p> <p>But it turns out a fellow top executive — Ryan Salame, the former co-head of FTX’s derivatives business and FTX <strong>whistleblower</strong> — was backing Republicans and conservative PACs in a big way. </p> <p>Meanwhile, some of the donations from SBF himself may not have been properly <strong>disclosed</strong>, according to Bankman-Fried’s own telling.</p> <p>There is no knowing how much he gave under the table. The now-disgraced FTX founder has admitted he kept significant sums to Republicans under wraps. </p> <p>“I donated about the same amount to both parties,” Bankman-Fried <strong>told</strong> <strong>Tiffany Fong</strong>, a YouTube influencer, before his <strong>arrest</strong> in the Bahamas<a href="https://twitter.com/TiffanyFong_"><strong>.</strong></a> “All my Republican donations were dark.”</p> <p>His rationale, Bankman-Fried told Fong, had nothing to do with regulatory scrutiny. It was, instead, all about protecting his now-tarnished — but once pristine — public image. </p> <p>“Reporters freak the f— out if you donate to Republicans,” he said during the interview. “They’re all super liberal, and I didn’t want to have that fight.”</p> <h2>But Republicans cashed in, too</h2> <p>At least one executive did not share his concern. Salame, who then held the title of co-chief executive of FTX Digital Markets, made notable personal contributions to GOP campaigns and causes. </p> <p>Salame alone gave nearly $23 million almost exclusively to Republicans and right-leaning PACs, according to <strong>FEC data</strong>.</p> <p>Salame did not immediately respond to a request for comment.</p> <p>Bankman-Fried, arrested in the Bahamas, <strong>faces federal charges</strong>, including money laundering, wire fraud and campaign finance violations.</p> <p>According to Federal Election Commission (FEC) data, Bankman-Fried personally gave $40 million to various Political Action Committees (PACs) and individual candidates, almost entirely to Democrats.</p> <p>But FTX US, the American subsidiary of the crypto exchange, donated $500,947.30 between December 2021 and September 2022, according to FEC <strong>records</strong> — the majority to the crypto-focused <strong>GMI PAC</strong>, which primarily backed the Republican-aligned Crypto Innovation PAC during the 2022 midterms. Bankman-Fried served as the entity’s chief executive at the time of the donations. </p> <p>Crypto Innovation PAC, in turn, financed the campaigns of Republicans Michelle Bond — who lost the New York Republican primary for the House of Representatives in 2022 — and Rep. Markwayne Mullin of Oklahoma, who beat out his competition. The group also donated to Rep. Patrick McHenry, R-N.C., Sen. Ted Budd, R-N.C., and Sen. John Boozman, R-Ark., all of whom won their respective races. </p> <p>All had been <strong>vocal</strong> crypto advocates. At least back then. </p> <p>Bond also received at least $400,000 in consulting fees from FTX Digital Markets, according to the candidate’s <strong>financial disclosure report</strong> filed in August. No direct donations from FTX to Bond were reported in <strong>FEC filings</strong>. </p> <p>Salame was <strong>romantically involved</strong> with Bond. Salame was also a top donor to the <strong>WINRED PAC</strong>, which raked in over $1 billion and gave more than $300,000 to Bond, according to <strong>filings</strong>. </p> <p>Bankman-Fried’s personal disclosed donations went a long way toward advancing the recipients’ respective agendas, particularly the Protect our Futures PAC, a liberal initiative that credits $27 million of its total $28.5 million raised to Bankman-Fried himself. </p> <p>Reps. Lucy McBath, D-Ga., and Jasmine Crockett, D-Texas, were two PAC-supported candidates that went on to win their seats in 2022.</p> <p>By <a href="https://blockworks.co/news/the-gop-also-got-millions-from-ftx-execs">Blockworks</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Snowflake8050"> /u/Snowflake8050 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zrr5eq/not_just_democrats_ftx_exec_gave_tens_of_millions/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zrr5eq/not_just_democrats_ftx_exec_gave_tens_of_millions/">[comments]</a></span>