US Government Negotiates Recovery of $13.25 Million in FTX Donations Amid Political Fallout

According to a recent report from The Block, the U.S. government is in discussions with several political action committees (PACs) regarding the recovery of approximately $13.25 million in political funds previously donated by executives of FTX. This comes after a court document revealed the government’s request for an extension, pushing negotiations to January 15. Notably, many of the PACs involved are aligned with the Democratic Party or advocate for progressive causes. Data from OpenSecrets indicates these organizations received significant financial contributions from crypto entrepreneur Sam Bankman-Fried (SBF) and former engineering director Nishad Singh. Singh, who has faced legal repercussions and is currently on three years of supervised release, provided testimony against SBF. A number of politicians and PACs have already opted to return donations sourced from FTX amidst the ongoing scrutiny.