When new of FTX’s collapse blew up last month, Save Jerseyans, U.S. Senator Bob Menendez (D-N.J.) (who is presently under investigation himself for the umpteenth time) demanded steps be taken for “investor protection.”
“Many of these firms are marketing themselves to consumers as safe and responsible while engaging in risky behaviors without the guardrails and safety nets that exist within the traditional financial system,” warned Menendez in a November 15th press release. “With yet another large crypto exchange crashing, Congress and the regulators need to step up efforts to determine what regulations are needed to ensure investors and the overall financial system are protected.”
Ready for this?
Just several months before (in April 2022), Menendez’s own son – who just won a seat in the U.S. House – received $2,900 for his campaign from none other than Sam Bankman-Fried, the disgraced CEO of FTX.
Then in August, Bankman-Fried gave $9,756.19 to the New Jersey Democrat State Committee. But Garden State Democrats were hardly the only beneficiaries of Bankman-Fried’s largesse.
“The 30-year-old crypto mogul gave more than $36 million to Democrats (particularly those who signaled opposition to regulating the cryptocurrency industry), including through Protect Our Future, a left-wing political action committee started under the auspices of guarding against another Covid-19-like pandemic,” reported The Federalist.