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Congress Rushes To Investigate, Regulate Cryptocurrency After Collapse Of Ftx
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Former FTKS CEO Sam Bankman-Fried charged with campaign finance violations as House Financial Services Committee investigates new CEO
Former FTKS CEO Sam Bankman-Fried was charged with campaign finance violations, including giving at least $25,000 to candidates and PACs under other names.
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The Center for Responsive Policy has made itself a quintessential Washington institution—indeed, making it a quintessential national—institution. Now more than ever, with the proliferation of super PACs and 501(c)(4) groups pouring huge sums into campaigns, it’s critical to have a reliable and practical source of information about money and politics. is the place for this data – reliable, accessible and well presented. Former FTKS CEO Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee on Capitol Hill in Washington on December 8, 2021. (Photo by Alec Wong/Getty Images)
Congressmen from both parties are calling for congressional action after FTKS Trading Ltd. filed for bankruptcy. from Chapter 11, the world’s second-largest cryptocurrency exchange, founded by Democrat megadonor Sam Bankman-Fried.
The cryptocurrency market consists of hundreds of billions of digital financial assets and is seen by proponents as an eventual replacement for hard money. As a major player in the industry, FTKS represented approximately 130 affiliated corporate entities worldwide.
The bankruptcy filing affects most of them, including Bankman-Fried’s crypto hedge funds Alameda Research and FTKS US, but not subsidiaries FTKS Australia Pti., FTKS Express Pay Ltd., and others.
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At first, it appeared that about 100,000 creditors would be affected by the bankruptcy, but an amendment to the filing said the total could be closer to a million.
“The recent FTX collapse is a loud warning that cryptocurrencies can fail, and just as we saw with over-the-counter derivatives that led to the  financial crisis, these failures can have ripple effects on consumers and other parts of our financial system.” . The continued turmoil in the cryptocurrency market is why we need to think carefully about how to regulate cryptocurrencies and their role in our economy,” said Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking, Housing and Urban Affairs Committee. in the statement.
“It is vital that our financial watchdogs look at what led to the collapse of FTKS in order to fully understand the abuses and misuses that occurred.” I will continue to work with them to hold bad actors in the crypto markets accountable. I am committed to finding the best way to protect consumers and the stability of the American market and banking system.
Sen. Pat Toomey (R-Pa.), the Senate committee’s ranking minority member, is retiring, as is the next Republican in line, Sen. Richard Shelby (R-Ala.).
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Sen. Mike Crapo (R-Idaho), who is expected to succeed Toomey as the top Republican on the committee, could not be reached for comment.
On the House side, with Republicans poised to regain control when the 118th Congress convenes on Jan. 3, 2023, Rep. Patrick McHenry (R-N.C.) is likely to succeed Rep. Maxine Waters (D-Calif.) as finance minister. House of Representatives Chair for Services.
“For years, I have advocated for Congress to develop a clear regulatory framework for the digital asset ecosystem, including trading platforms,” McHenry said in a statement. “Recent events demonstrate the necessity of congressional action.” It is important that Congress establish a framework that ensures Americans have adequate protections while allowing innovation to thrive here in the United States.
But the new regulations covering the new area of financial activity of cryptocurrencies will not be the only focus of the upcoming congressional attention on this issue, thanks to the role of the main competitor and the big political contribution of the CEO of the failed exchange, Bankman-Fried, and his close associate Ryan Salame.
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As Epoch Times previously reported, the FTX crash began when the CEO of its biggest competitor, Binance, made statements on Twitter questioning the correctness of Bankman-Fried’s position.
Messages posted by Binance CEO Changpeng Zhao also announced that they are divesting their stake in the FTKS entity.
“We will try to do this in a way that minimizes the impact on the market. Due to market conditions and limited liquidity, we expect this to take several months,” Zhao said.
Political contributions will be in focus because Bankman-Fried, whose personal worth was estimated at $16 billion before filing for bankruptcy, has been a prolific donor to Democrats in Congress and on the national political scene.
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He gave nearly $40 million during the 2022 election cycle, according to OpenSecrets.org, making him the sixth-largest single political contributor in the country and the second-largest contributor to Democrats.
The bulk of the Bankman-Fried amount, $27 million, went to the Democratic political action committee, Protect Our Future. He gave $5 million to President Joe Biden’s campaign in 2020. He also said he could give as much as $1 billion to Biden and the Democrats during the 2024 campaign.
But he also gave to several Republicans, including Sen. John Hoeven (R-N.D.) and Sen. John Boozman (R-Ark.).
It’s not unusual for corporate special interests to make campaign contributions to both sides of a political race, and FTKS was no different. Salameh, who was the CEO of FTKS Digital Markets, Inc., was a prolific Republican donor, totaling nearly $24 million, according to OpenSecrets.org. These contributions made Salame the 14th largest individual donor in the 2022 cycle and the 10th largest among Republicans.
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At least two recipients of contributions from sources associated with Bankman-Fried or Salame-Rep. Kevin Hearn (R-Okla.) and Rep. Chuy Garcia (D-Calif.) — allegedly either returned the funds or diverted them to charity.
Within hours of FTX’s bankruptcy, social media was alive with claims that Bankman-Fried was part of a complex operation in which billions of US tax dollars given by Biden and Congress to help Ukraine defend against a Russian military invasion were then invested again. in a cryptocurrency entity and then distributed to Democrats.
Brian Darling, former general counsel to Sen. Rand Paul (R-Ky.) and now head of Liberty’s Government Affairs Office, cast doubt on the claims.
“The whole theory that FTKS has a connection to the Democratic Party and Ukraine is one that needs to be looked at to either dispel the conspiracy theory or to see if there were any shenanigans.” It’s too early to take these allegations to the bank,” Darling told The Epoch Times. “Everyone should always be skeptical of these kinds of things. Right?” the then-crypto star told NBC News’ Chuck Todd in a September interview about his generous political donations, which he felt were not selfish. Unlike much of his money advice, this suggestion was wise.
Beto O’rourke Returned $1 Million Check From Ftx’s Sam Bankman Fried
Bankman-Fried has risen to prominence in political circles thanks to her donations to liberal causes, including nearly $37 million to Democrats and progressive groups in the 2022 cycle. More importantly, she has pledged to spend as much as $1 billion in the 2024 election cycle, in part to win Donald Trump if necessary. He was a prominent contributor to the effective altruism movement, which largely overlaps with the technocratic left.
When his crypto exchange, FTX, imploded last month — taking his $16 billion paper fortune with it — it seemed like a major blow to Democrats’ future fundraising prospects. But when people try to piece together how SBF and FTKS ended up here, those concerns seem potentially unfounded.
First, we now know that Bankman-Fried’s promise of future benefits was only as good as the paper it was printed on, or perhaps as good as a balance sheet with entries that included a “hidden, poorly branded ‘fiat@’ account.” Second, the hype surrounding the FTKS money flowing to Democrats has always been exaggerated. Third, Bankman-Fried has said in interviews that he personally has actually given almost as much to GOP candidates and causes as he has to Democratic ones, using shady means for money. That claim is impossible to independently verify (dark money is, well, dark money), and Bankman-Fried’s word really can’t be trusted (see above), but it all points to a different picture than that of a big Democratic donor. low. It is possible that Bankman-Fried was actually – and intended to be – a crypto-Republican.
As FTKS’s fortunes grew, so did its employees’ contributions to political causes. In the 2020 election, according to Open Secrets, FTKS employees gave a total of $7 million. By 2022, it has grown to more than $70 million. Bankman-Fried was by far the biggest donor, giving about $40 million – all but $2.8 million to leftists – making him the second-biggest Democratic donor behind only George Soros. FTX’s director of engineering, Nishad Singh, gave another $8 million to the developers. Ali Ryan Salame,
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