What Does Political Giving Look Like for Crypto After the Downfall of FTX? (Podcast)

Victoria Vergolina, Bloomberg News

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., U.S., on Wednesday, Feb. 9, 2022. The top Democrats and Republicans on the committee last month sent a letter to the CFTC calling for the regulator to take a more active role in overseeing cryptocurrencies. , Bloomberg

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The interplay of money and politics in the US is real, and well established. And that includes when that money is either in the form of crypto, or comes from people who made their fortunes in digital assets.

The recently concluded US Midterm Elections featured several candidates whose campaigns were financed in part by crypto-related donors and donations. Among the donors: Sam Bankman-Fried and Ryan Salame of FTX, who supported candidates on opposite ends of the political spectrum. The collapse of FTX has led to some politicians and lawmakers who received funds now attempting to distance themselves entirely from their benefactors.

To talk more on the relationship between crypto and politics in the US, Bloomberg reporters Bill Allison and Allyson Versprille join this episode.

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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.