Beto O’Rourke is the former Democratic Candidate who has decided to give back the money received from SBF. SBF has now gained a notorious reputation for being the controversial former founder and CEO of failed cryptocurrency exchange FTX.

As per the CEO, he had issued a political donation amounting in around $1 million to the former Texas governor candidate.

In addition to this particular donation, SBF has also made several other donations to several high-profile politicians. As per the news, SBF had been acting as one of the largest donors to the Democratic Party before the FTX exchange went out of business. He had also reportedly loaned $5 million for the Presidential Campaign of President Biden.

Politicians to Distance Themselves from Crypto Sector

The FTX saga is somewhat of a Pandora’s Box. The collapse of the cryptocurrency exchange has brought to light several major controversial and questionable financial misconduct reports.

At the same time, the celebrities that have been involved with FTX promotion have also received major backlash from investors. Meanwhile, there is also the matter of the involvement of the SEC chief with the FTX financial scrambles.

The most controversial remark about the Political funding of FTX is that SBF had been using custodial funds to support politicians. Therefore, there are no doubt that any politicians who are involved with FTX are likely to lose some votes and the trust of their constituents.

FTX is also purported to have embezzled the custodial funds of its users to support its sister company Alameda Research.

Media reports have revealed that FTX has donated around $40 million to different political candidates hailing from the Democratic Party.

SBF has also reported that he funded a Republican Candidate named Ryan Salame to the effect of around $23 million. The main objective of the SBF was to appoint, CFTC as the primary regulator for the cryptocurrency market.

Several politicians have felt the heat of the public on account of their association with SBF. It is worth mentioning that Beto has lost to the winning Taxes Governor Greg Abbot.

Despite the massive amount of controversies and financial mismanagement, the US government has not issued any official statement against SBF or opened a federal investigation.