In the US, politicians are considering what to do with the political donations of FTX executives and Sam Bankman Fried (SBF).
Troubled cryptocurrency exchange FTX has also put the political side into troublesome processes after its bankruptcy. Global conversations began, especially on regulation. It is becoming a widely accepted idea that crypto exchanges and crypto service companies should be regulated. On the other hand, the intensifying crypto bear market also highlighted fraud and bankruptcy situations. In all these processes, FTX and its political relations drew attention. The company, which finances the elections in the USA and supports politicians in their own opinion, created a vacuum after its bankruptcy.
Politicians Are In Trouble With FTX Financing
Cryptocurrency exchange FTX has made active donations during US election periods. It turned out that the company provided millions of dollars in funding to politicians. The company’s executives spent the 2022 midterm elections on political donations and PACs.
FTX company’s filing for bankruptcy protection is starting to make some politicians nervous. Politicians especially want to get rid of crypto-heavy incoming donations.
Members of Congress are considering campaign contributions from former FTX CEO Sam Bankman-Fried and FTX Digital Markets Co-CEO Ryan Salame. Members decided to use these funds for charity donations.
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