MarketWatch claims that SBF gave more than $40M to 160+ committees. Democratic state committees, many of them. The largest donation, $27 million, was made to Protect Our Future. Wikipedia states that Bankman-Fried gave Protect Our Future PAC its initial financial support in 2022. As a Democratic political action committee, Protect Our Future was established with the goal of assisting legislators who take a long view when formulating policy in areas like pandemic planning and preparedness.
You might wonder what purposes political action committees serve. A political action committee (PAC) in the US is a 527 organization that collects member campaign contributions and distributes those funds to campaigns for or against candidates, legislation, or ballot initiatives. In an effort to reform campaign finance in the US, the legal term PAC was developed.
Yes, that’s right, ladies and gentlemen. Unless this committee is disbanded or its funding is cut off, SBF will continue to have the power to, at the very least, influence US policy going forward. In actuality, SBF has at least $27M in this PAC that was stolen from investors.
Do you believe that since the funds were not donated by SBFs in the first place, an effort should be made to ask the various committees to return the gifts?
Pingback: SBF's Contributions Come Mostly from His Own Political Action Committee - Coin-News24.com