AI Trading

On the 4th of November 2022, Beto O’Rourke of the Democratic Party in the United States was reported to have returned a whopping donation of $1m. This cash was donated by the CEO of collapsed Crypto exchange company – FTX.

However, Beto O’Rourke returned the $1m donation four days before the US gubernatorial election and seven days before FTX’s collapse. A reporter from the Texas Tribune said that the contribution was one of the largest checks paid to Beto O’Rourke’s campaign team.

A spokesman for Beto O’Rourke’s campaign claimed that the decision to return the donation had been made earlier. However, it took some extra days to implement the decision.

He referred to Sam Bankman-Fried’s donation as unsolicited and added that it would reflect in their campaign report that the vast sum was returned to FTX on the 4th of November.

AI Trading

The spokesman also said that the campaign team’s decision on the donated fund has nothing to do with what eventually happened to the donor or its collapsed firm.

He said it’s strange to make a massive donation without prior notice. Unlike the contributions made by other donors, Bankman-Fried had no previous conversation with either Beto O’Rourke or the Campaign team.

The spokesman explained that the colossal donation surprised the campaign team. Long before this feud, Bankman had donated to the two main political parties in the United States.

He was reported to have donated nearly $41m to the Democratic Party. Another prominent executive of FTX – Ryan Salame, also donated over $20m to the Republican Party.

A Smart Political Action

Texas Tribune published that the retired CEO was O’Rourke’s top donor during the previous fundraising movement from July to September. Nevertheless, the return of this $1m wouldn’t have significantly impacted the funds generated for O’Rourke’s gubernatorial ambition.

Aside from the donation from the former FTX CEO, the campaign team generated $78m from donors across the United States.

Meanwhile, Jon Taylor, a professor of political science from the University of Texas, said it’s wise to return the $1m. He said this would help the campaign team distance themselves from controversial figures, which can make them lose votes.

Considering the scandals surrounding Bankman-Fried, it is only wise to return any donation from him, Taylor added.

Director of Engineering for FTX, – Nishad Singh, donated $100K to O’Rourke’s gubernatorial campaign team. The campaign team has not issued any statement that indicates whether it also returned this $100,000

Similarly, a US Senator from the Democratic Party – Dick Durbin, received a donation of $2,900 from the former CEO. Lawyer and Senator Kirsten Gillibrand also received $16K. Dick and Kirsten said they would give those donations to charity organizations. Businessman and politician Kevin Hern has also decided to do the same.

Jordan Libowitz of the “Citizens for Responsibility and Ethics in Washington” said that those who have returned their donations had mounted indirect pressure on other politicians to do the same. Crypto regulators worldwide, especially in the US, are subjecting the FTX to thorough scrutiny.

O’Rourke has made a smart move by returning the money donated by the tech billionaire. He no longer needs to worry about the ethical headache weighing hard on other political candidates.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.