US Democrats Decide to Pay Back SBF’s $1 Million Political Fund By CoinEdition

• DNS, DSCC, and DCCC decided to repay almost $1 million paid by SBF as the political fund to the FTX investors.
• All the contributions of SBF since 2020 would be paid back by the three Democrats.
• The decision was subsequent to the recent charge on SBF for orchestrating a scheme for defrauding equity investors in FTX.

Subsequent to the arrest of Sam Bankman-Fried, the former CEO of the recently collapsed crypto exchange FTX, the three top US Democrats, namely, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC), and the Democratic Congressional Campaign Committee (DCCC) decided to return over $1 million political donations of SBF to the investors who have been victimized by the FTX fall.

Confirming the decision to reinstate the fund to support the affected FTX investors, one of the DNC spokesperson told:

“Given the allegations around potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020. We will return as soon as we receive proper direction in the legal proceedings”.

Significantly, the other two committees, DSCC and DCCC, have also promised to pay back the $103,00 and $250,00 respectively, as per the reports.

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