Five Members of Congress who raised concerns over more cryptocurrency regulations took thousands in campaign donations from ex-FTX CEO Sam Bankman-Fried and Ryan Salame, the current co-CEO of the exchange under federal investigation, records show.
Reps. Tom Emmer , Jake Auchincloss , Ted Budd , Ritchie Torres , and Josh Gottheimer signed on to a letter in March to the Securities and Exchange Commission that questioned its authority to obtain information from cryptocurrency and blockchain firms.These same lawmakers have pocketed over $23,000 in campaign cash between January and September from Fried and Salame, according to Federal Election Commission filings.
In November, Bankman-Fried stepped down as CEO of FTX. The exchange, which filed for bankruptcy, is being investigated by the Justice Department and the Securities and Exchange Commission over whether it funneled billions of dollars worth in customer funds to support Alameda Research, a cryptocurrency firm Bankman-Fried also founded.
"My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler's information reporting 'requests' to the crypto community are overburdensome, don’t feel particularly … voluntary … and are stifling innovation," Tom Emmer tweeted in March."Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities.
One left-wing watchdog group told the Washington Examiner that, while it doesn't take a position on whether the lawmakers should return the funds,"they need a pretty good explanation for their constituents" on why they should not.
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