The US Democratic Party is reportedly returning more than $1 million to FTX victims from SBF.

Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three major Democratic groups have decided to return more than $1 million to investors who lost their funds due to fraud.

On December 16, the Democratic National Committee (DNC), the Democratic Senate Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC) pledged to return SBF’s political donations.

A spokesperson for the DNC confirmed the decision talk With a communication vehicle, edge:

“Based on allegations of possible campaign finance violations by Bankman-Fried, we have set aside funds to return $815,000 in contributions from 2020. We will return as soon as we receive proper direction in the legal process.”

Two other committees, the DSCC and the DCCC, pledged $103,000 and $250,000, respectively. wake up With the Washington Post. The SBF admitted to being a “significant donor” to both sides of the political spectrum.

1) I was a significant donor in the D and R primaries.

Supporting constructive candidates across the aisle to stop epidemics and bring a bipartisan climate to DC.

Work with them to support unsanctioned funding.

— SBF (@SBF_FTX) November 5, 2022

Earlier this year, SBF revealed its plans for governance in a podcast.Up to $1 billion It will help influence the 2024 presidential election campaigns.

White House press secretary Karine Jean-Pierre declined to answer questions about past SBF donations to the party.

When asked the question, he replied, “I’m here under the Hatch Act,” which bars public service employees, particularly federal agencies, from engaging in certain forms of political activity.

Bankman is the second largest “CEO contributor” with his $5.2 million in donations to Biden’s 2020 presidential campaign.