Home Featured This Democrat Megadonor Now Under Federal Investigation and You Won’t Believe Why

This Democrat Megadonor Now Under Federal Investigation and You Won’t Believe Why

by x82hPEs

The midterm elections didn’t turn out the way everyone thought they would.

And Democrat dark money may be the reason.

This Democrat megadonor is now under federal investigation and you won’t believe why.

Republican talking-heads and the Gucci-wearing consultants inside the beltway had foretold of a massive “Red Wave” that would sweep the Democrats out of office in this year’s midterms.

Most predicted GOP control of the House and Senate.

Even the Democrats were wringing their hands with worry.

But then a funny thing happened.

Turns out when Republicans act just like Democrats they don’t succeed.

Mitch McConnell cut one too many deals with Chuck Schumer, GOP elected officials ran from important issues like life and the Second Amendment, and the outrageous spending bills promoted by Biden were only passed thanks to Republican support.

But the GOP betrayal goes even deeper.

Samuel Bankman-Fried is the founder and former CEO of FTX, a cryptocurrency exchange company.

FTX happens to be under investigation by both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

The investigation centers around Bankman-Fried allegedly moving some $10 billion in client assets from his crypto exchange to his trading firm, Alameda Research.

This caused a major liquidity crisis at FTX, resulting in the company filing for bankruptcy.

And Bankman-Fried heavily funded the campaigns of several key lawmakers overseeing the Commodity Futures Trading Commission (CFTC)- the federal agency responsible for regulating the cryptocurrency industry.

Bankman-Fried donated to both the Democrat chair and a Republican ranking member of the Senate Agriculture Committee, which has jurisdiction over the CFTC.

The embattled FTX CEO personally donated to the Senate committee’s chairwoman, Democrat Senator Debbie Stabenow (D-MI), contributing more than $20,000 to the Stabenow Victory Fund and $5,800 to her Senate campaign.

Bankman-Fried also gave some $6,000 to committee ranking member Republican Senator John Boozman (R-AR) as well.

He gave another $5,800 to the ranking member of the Subcommittee on Commodities, Risk Management and Trade – Republican Senator John Hoeven (R-MT).

But those donations pale in comparison to what else Bankman-Fried did this election cycle.

American Dream Federal Action, a political action committee founded by another FTX executive, spent more than $1 million on both Republican Senator John Boozman and House Agriculture Committee member Republican Congressman Brad Finstad of Minnesota.

And Bankman-Fried is also a key funder of the Protect Our Future PAC, which almost exclusively works to elect Democrats to office.

He bankrolled the PAC to the tune of some $27 million this election cycle.

Bankman-Fried also donated $6,000 to now defeated Democrat Congressional Campaign Committee (DCCC) Chair Sean Patrick Maloney, as well as more than $200,000 to the DCCC.

In addition to all his campaign activities and donations, Bankman-Fried personally lobbied for legislation in the Senate that would grant the CFTC greater regulatory oversight over the crypto industry and spent hundreds of thousands of dollars to do it.

Interestingly enough, the bill – known as the Digital Commodities Consumer Protection Act – was sponsored by both Stabenow and Boozman.

No wonder voters weren’t excited about making sweeping changes in congress this year.

To many, there just isn’t much difference between the Republicans and the Democrats.

And the actions of megadonors like Bankman-Fried prove that both can be bought.