Sage Investment Club

Well, you can’t say that money buys you loyalty in politics.In 2020 Sam Bankman-Fried (SBF) was Joe Biden’s second-largest political donor, donating $5.2 million. This donation pails in comparison to Michael Bloomberg’s $56 million donation.SBF also donated over $100 million to various Republican and Democratic politicians in the 2022 mid-term election.You would think that amount of donations would buy political loyalty, but that is not the case at all. Starting back in 2022 Biden’s administration began increasing crypto enforcement. This year he is accused of “weaponizing market chaos to kill crypto.”SBF lately has been charged with violating campaign finance laws over 300 times to the tune of $100+ million for his 2022 mid-term donations by using “straw donors” to hide the source of the political donations, which was FTX customer funds.It appears that if anything, his campaign contributions had a negative impact on crypto with many politicians trying to prove that they were not “bought” by SBF and his illegal campaign donations.(Just for completeness, he has not been charged for his 2020 Biden donations, only the 2022 mid-term donations)

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