Democrats lose a heavy palm greaser with Sam Bankman-Fried

With the fallout of the collapse of FTX, Democrats have lost a billion dollar pledge for the 2024 election to fight Trump. He was the 2nd largest donor of the Democrat party in 2022. You can see the obvious problem of the creation of conflicts of interest with having donors pay off members of the entity who are responsible for regulating them. -CD

“Bankman-Fried was the primary funder of the Protect Our Future PAC, which spent tens of millions of dollars in Democratic primaries this year. He also floated the idea of spending upwards of $1 billion in the 2024 presidential election to beat Donald Trump if he were the Republican nominee.”

“The crypto industry is following the standard playbook for advancing special interests in Washington, including using all the levers of the influence industry,” Dennis Kelleher, president and CEO of the nonpartisan financial-reform organization Better Markets, told MarketWatch. “One of the most pernicious parts of that is the revolving door, where former officials essentially sell out their public service by using their access and influence on behalf of their private clients.”

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