FTX paid $56,000 to Democratic senator who introduced bill to regulate cryptocurrencies
Other senators from both parties who participated in the drafting of the law also received money.
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Sam Bankman-Fried and several FTX platform employees donated about $56,000 to Democratic Senator Debbie Stabenow, chairwoman of the upper House Agriculture Committee, according to Federal Election Commission (FEC) records. Stabenow was the prime mover, months after receiving the money, of the Digital Goods Consumer Protection Bill, which was intended to regulate the cryptocurrency market.
The Agriculture Committee chairman is responsible for oversight of the Commodity Futures Trading Commission and a regulator of cryptocurrencies, so the donation, unveiled by Michigan Capital Confidential, puts Stabenow directly in the spotlight. In addition to Stabenow, Bankman-Fried also financially contributed to other members of the Agriculture Committee, and participants in the cryptocurrency regulation bill, such as Republican John Boozman and Democrats Cory Booker and Kirsten Gillibrand.
Donations between January and May
The SBF payments occurred between January and February 2022, as part of the former FTX CEO's lobbying actions. In addition to him, three other employees of the cryptocurrency platform made contributions in their personal capacities to Sens. Mark Wetjen, Ryne Miller, and Zachary Dexter. Wetjen made a $5,800 donation to the Stabenow Victory Fund on January 12 (one day before Bankman-Fried's first donation). In addition, on February 11, he made two contributions of 2,900 to Stabenow for the U.S. Senate.
For his part, Miller, on March 16, paid another $2,900 twice to Stabenow for the U.S. Senate. The third party involved, Dexter, made three donations totaling $11,600. Entries dated March 22 ($5,800) to the Stabenow Victory Fund. The latest, following the example of his colleagues, was a $2,900 donation to Stabenow for the U.S. Senate. In total, $55,600 on May 5.
August 3, Stabenow introduces the 'Crypto Law'.
On August 3, the Democratic senator introduced Senate Bill 4760 of 2022, or the Digital Commodities Consumer Protection Act, in the Senate. In the crypto world, the bill is known as the SBF Act. The rule was immediately referred to the committee chaired by Stabenow herself. During the first session dedicated to its processing on September 15, she explained that "We are here today because an increasing number of Americans are investing in cryptocurrencies, but there is no federal oversight over the tokens that make up the bulk of this market."
The SBF itself posted a tweet on October 19 explicitly supporting Stabenow and Boozman's initiative, noting that it "will provide customer protection on centralized cryptocurrency exchanges without jeopardizing the existence of software, blockchains, validators, DeFi, etc."
Donations are given to charity
Following FTX's bankruptcy, the proposal's co-sponsor, Boozman, was in favor of moving forward: "The chairperson [Stabenow] and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that enables international cooperation and provides consumers with greater confidence that their investments are safe."
After the donations were made public, Stabenow said he would donate $20,000 to a charity, according to Detroit News. A spokesman for Boozman said that all the money the senator had received from SBF had already been distributed to those most in need.
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