John E. Deaton, a crypto lawyer and XRP advocate, recently used his X account to highlight how big money has shaped US politics.
Deaton pointed to Sam Bankman-Fried (SBF), the former CEO of FTX, who donated $70 million to political campaigns during the 2022 midterms, mostly supporting Democratic causes.
The truth is we need to get big money out of politics. The Bernie Madoff of Crypto, @SBF_FTX, donated $70M in the 2022 midterms for Democrats, coming only second to George Soros.
At his trial for the @FTX_Official Fraud, testimony proved SBF donated $10M to Biden’s… https://t.co/tE0EGvud5a
— John E Deaton (@JohnEDeaton1) January 7, 2025
Deaton noted that SBF contributed $10 million to President Biden’s administration, hoping to secure access to key regulators like Gary Gensler at the Securities and Exchange Commission (SEC) and officials at the Commodity Futures Trading Commission (CFTC).
Kamala Harris Fundraising and Democratic Audit Calls
Deaton also mentioned Kamala Harris and Future Forward SuperPac’s combined spending of $2.5 billion in just 15 weeks. Lindy Li, a Democratic National Committee member, reported that Vice President Harris raised $1.5 billion, while Future Forward raised $1 billion.
Prominent Democrats, including James Carville, are now demanding an audit to understand how the funds were used. Some have questioned how Vice President Harris managed to spend $1.5 billion in 15 weeks and still accrued a $20 million debt.
Soros’ Global Political Impact Through Philanthropy
The discussion also turned to George Soros, a billionaire philanthropist known for supporting progressive causes worldwide. Soros donated $140 million to nonprofit organizations in the US and $32 million to initiatives in Brazil advocating for prison reform and drug decriminalization.
Read also: Ripple Co-Founder’s $10M XRP Gift to Kamala Harris Campaign Stirs Controversy
Despite criticisms, Soros has received praise for advancing democracy, human rights, and social justice.
Elon Musk Faces Allegations of Election Interference
In contrast, Elon Musk’s involvement in politics through his ownership of X has led to accusations of election interference. French President Emmanuel Macron alleged that Musk supported a “reactionary movement” and meddled in elections.
Economist Branko Milanovic highlighted the double standard in the public’s treatment of Soros and Musk.
So why is Musk as a private citizen not allowed to intervene in foreign policy, and Soros as a private citizen is allowed to fund hundreds of political organizations abroad? https://t.co/FsPjaryFYn
— Branko Milanovic (@BrankoMilan) January 6, 2025
While Soros’ political contributions are widely accepted, Musk faces criticism for his political actions. Milanovic argued that ideological biases influence these differing reactions rather than objective standards.
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