Riots in Congress: 200 parliamentarians and FTX’s cursed money

FTX cancer continues to spread metastases. If the bankruptcy of the former No. 2 platform in the crypto sector has not yet shaken the industry, its last lines continue to resonate today in the very heart of the American democratic machine. . It pays little attention to who finances the system, how and with what money, as it reasserts itself by shaking along the way.

FTX, from cryptocurrency to grassroots lobbying

Our American colleagues reveal the incident CoinDesk (was also behind the initial investigation into the FTT token, the exposure of which ultimately sealed the exchange’s fate). This time we learn that one out of three members of the American Congress could have benefited in one way or another from the greatness of Sam Bankman-Fried or his close team.

Thus, 196 out of 535 representatives admitted to receiving money from the FTX.

A puzzling ratio, considering the relatively short existence of the FTX platform, shows that the cryptocurrency team is not very careful in terms of accounting rigor, but on the other hand, there is great efficiency in terms of lobbying.

Infographic of the number of congressmen receiving donations from FTX, source: Coindesk

We knew that SBF had benefited both the Democratic Party and the Republican Party with millions in wealth (always good to remember their clients). Coindesk’s investigation now reveals how deeply the head of the FTX has managed to penetrate the secrets of American law.

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Mixed philanthropy passes through Congress

It’s important to remember: it’s not unusual for parliamentarians, parties and other political groups to benefit from donations and other legacies, especially in the American political context (in Europe we prefer duffel bags filled with small bills, perhaps a cultural thing).

If we too could be concerned about what the direct influence of the deepest pockets says about our democracies, we would agree that the issue is not really there.

That’s what raises the question when it comes to the shower of money that FTX is showering US lawmakers with. its real industrial size and its quasi-systematizationall in the form of tolerance and tacit acceptance.

Sam Bankman-Fried and the US Congress

And this is ultimately part of the problem: if in any case (and in the case of disclosure) no law, no regulation, seems to have been violated, it is indeed because questions about its origins are not patent. questionable funds and underlying ambitions (we hand out millions for the pleasure of rarely offering).

In this regard, when CoinDesk contacted all 196 California representatives Lou Correa A man billed as having received several thousand dollars “directly from Sam Bankman-Fried” sums up the nature of the drug problem: “I do not know this gentleman, I have never spoken to him.”

The vast majority of representatives (and even more so their legal teams) do not deny either the reality or the amount of donations, ensuring that they act according to the rules in force. But now there are dozens of people who are trying to get rid of money quickly, which has suddenly turned into a lot of smell, sometimes in a messy way.

FTX hot potato

According to the famous American saying, many representative teams are currently trying and trying to make lemonade from FTX lemons – More or less successfully – to get rid of these sudden heavy donations. They have two main options: hand them over to the investigative services of the Ministry of Justice, with the aim of contributing to a future compensation fund for victims, or give them to relief funds and charities.

Thus, 64% of the 53 teams that responded to Coindesk decided to direct donations to non-profit purposes (“corporate monopoly defense group” – appreciate the irony – and other “crisis centers for pregnant women”, e.g.)

But while the approach may seem admirable, even urgent at first glance, Anthony Sabino, a bankruptcy expert requested by the US media, warns that even if given to charities and other associations, this money will continue to be stamped with the FTX’s seal of fame. still potentially have to be paid back to the victims at some point. At the end of the chain, including years later, it is these non-profit structures that may require cursed funds.

FTX is slowly poisoning more than one sector, although its former boss still claims that the whole situation is largely the fault of “luck”.

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