Dozens of lawmakers who benefited from the generosity of supposed cryptocurrency billionaire-turned-corporate villain Samuel Bankman-Fried before his FTX exchange went bust last week are keeping quiet about what they will do with the dirty funds.
Bankman-Fried, 30, spent $10 million to support President Biden’s 2020 campaign and gave at least $39.2 million more to influence the 2022 midterm elections — before his crypto empire collapsed with between $1 billion and $2 billion of client funds missing.
Although Bankman-Fried donated primarily to Democrats and Democrat-aligned groups — making him the second-biggest donor to the party’s election efforts this year — he and his younger brother Gabriel donated lavishly to members of both parties, according to Federal Election Commission records.
Sam Bankman-Fried donated largely to political action committees — federal rules cap direct donations to congressional candidates at $2,900 per election — including $27 million to his own Protect Our Future PAC and $6 million to Democrats’ House Majority PAC.
Sam Bankman-Fried, 30, spent $10 million to support President Biden’s 2020 campaign and gave at least $39.2 million more to influence the 2022 midterm elections — before his crypto empire collapsed with between $1 billion and $2 billion of client funds missing. Bloomberg via Getty ImagesThe wipeout of FTX’s business, likened to the fall of infamous Ponzi schemer Bernie Madoff, threatens to hammer investors, including the Ontario Teachers’ Pension Fund, which invested $75 million in FTX, and the Sequoia Capital fund, whose $213 million holding in FTX is now worth $0.
The Post contacted dozens of House members and senators, as well as candidates who won their elections Tuesday with support from the Bankman-Frieds, but most did not share their plans for the money they received.
Sen. Dick Durbin (D-Ill.), the chamber’s No. 2 Democrat, will redirect Bankman-Fried’s $2,900 donation “to an appropriate charity,” a member of his staff said.
Rep. Dutch Ruppersberger (D-Md.) will donate a $500 contribution made last year by Gabriel Bankman-Fried to the University of Maryland Medical System Foundation, his spokesman told The Post.
The wipeout of FTX’s business, likened to the fall of infamous Ponzi schemer Bernie Madoff, threatens to hammer investors, including the Ontario Teachers’ Pension Fund, which invested $75 million in FTX, and the Sequoia Capital fund, whose $213 million holding in FTX is now worth $0. AFP via Getty ImagesIan Mariani, a spokesman for Rep. Salud Carbajal (D-Calif.), said the Democrat will be donating the $5,800 he received from Sam Bankman-Fried this year — $2,900 for his primary election campaign and $2,900 for the general election — “to a local charity.”
All other congressional recipients contacted by The Post did not describe their plans.
The White House also did not say what Biden wants to do with funds that were used to support him, nor did the Democratic National Committee. The House Majority PAC did not respond to a request for comment.
Sam Bankman-Fried met at least twice with top White House adviser Steve Ricchetti this year — on April 22 and May 11, according to White House visitor logs — as he sought to shape federal regulation of cryptocurrency.
Although individual contributions to candidates only made up a sliver of Bankman-Fried’s political giving, they are easiest to track using FEC records.
The Post’s inquiries of politicians for this story did not include beneficiaries of Sam Bankman-Fried’s Protect Our Future PAC or the Gabriel Bankman-Fried-run Guarding Against Pandemics nonprofit or the pro-Democrat $140 million Mind The Gap PAC run by their mother, Stanford Law professor Barbara Fried.
The survey also doesn’t include lawmakers who benefited indirectly from Bankman-Fried’s donations to PACs benefiting their candidacies, which would impact an even larger group.
Sam Bankman-Fried met at least twice with top White House adviser Steve Ricchetti this year — on April 22 and May 11, according to White House visitor logs — as he sought to shape federal regulation of cryptocurrency. Getty ImagesAlthough Bankman-Fried donated disproportionately to Democrats, he and his brother also contributed to many Republicans. The following members of Congress and winning candidates were contacted by The Post regarding their plans for funds from Sam and Gabriel Bankman-Fried:
SENATE:
The Post requested comment from Democratic Sens. Mark Warner of Virginia, Maggie Hassan of New Hampshire, Gary Peters of Michigan, Jon Tester of Montana, Kirsten Gillibrand of New York, Alex Padilla of California, Debbie Stabenow of Michigan, Tina Smith of Minnesota, Ron Wyden of Oregon, Tim Kaine of Virginia, Joe Manchin of West Virginia, Cory Booker of New Jersey, Patty Murray of Washington and Sen.-elect Peter Welch of Vermont.
The Post also contacted the offices of Republican Sens. Lisa Murkowski of Alaska, John Hoeven of North Dakota, John Boozman of Arkansas, Susan Collins of Maine, Richard Burr of North Carolina and Bill Cassidy of Louisiana.
HOUSE:
The following lawmakers did not respond to requests for comment: Reps. Teresa Leger Fernández (D-NM), Richard Hudson (R-NC), Lou Correa (D-Calif.), Cindy Axne (D-Iowa), Josh Harder (D-Calif.), Mike Levin (D-Calif.), Mike Simpson (R-Idaho), Gus Bilirakis (R-Fla.), Jim Costa (D-Calif.), Sanford Bishop (D-Ga.), Angie Craig (D-Minn.), Jennifer Wexton (D-Va.), Sean Patrick Maloney (D-NY), Adriano Espaillat (D-NY), Elaine Luria (D-Va.), Abigail Spanberger (D-Va.), Chuy Garcia (D-Ill.), Derek Kilmer (D-Wash.), Annie Kuster (D-NH), Pete Aguilar (D-Calif.), Brendan Boyle (D-Pa.), Suzann DelBene (D-Wash.), Brad Schneider (D-Ill.), Ami Bera (D-Calif.), Scott Peters (D-Calif.), Jim McGovern (D-Mass.), Ritchie Torres (D-NY), Shontel Brown (D-Ohio), Haley Stevens (D-Mich.), Ruben Gallego (D-Ariz.), Lucy McBath (D-Ga.), Nanette Barragan (D-Calif.), Jake Auchincloss (D-Mass.), Tony Cardenas (D-Calif.), Josh Gottheimer (D-NJ), Julia Brownley (D-Calif.), Adam Schiff (D-Calif.), Rosa DeLauro (D-Conn.), Hakeem Jeffries (D-NY) and Sean Casten (D-Ill.).
The Post also contacted Reps.-elect Nikki Budzinski (D-Ill.), Brittany Pettersen (D-Colo.), Jared Moskowitz (D-Fla.), Morgan McGarvey (D-Ky.), Seth Magaziner (D-RI), Maxwell Frost (D-Fla.), Chuck Edwards (R-NC), Greg Casar (D-Texas), Jasmine Crockett (D-Texas), Robert Menendez (D-NJ) and Becca Balint (D-Vt.).






