In 3 Members Of Congress – 236

Foreign Established in 2017 octominer is an International mining hardware company They manufacture and engineer the best Mining equipment in the industry and Supply rigs to some of the largest Mining farms around the world their GPU Mining rigs also integrate with the top Crypto operating systems like Hive OS Miner stat and simple mining all parts Come with an international one-year Warranty exciting news they will be Adding Asic miners for sale to their Website soon and launching a new product Built specifically for Asic home miners Please visit octominer.com or email Support Octominer.com for questions Now congress's FTX problem one in three Members got cash from crypto exchange Bosses so now we go and we talk about Corruption As it pertains to centralized entities Participating within crypto and U.S Lawmakers and this is so you know we Have a little bit of bullish we have a Little bit of fun we got to go back and Forth right the session began with 196 U.S lawmakers who took direct Contributions from Sam Bateman freed and Other former FTX Executives and many of Them are still trying to get rid of it More than one in three of the 535 Senators and representatives in the U.S

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Congress showed up to the new session With FTX baggage having received Campaign support from one of the senior Executives of the fraud ridden crypto Giant Coindesk has identified 196 members of The new Congress many of whom were sworn In last week who took cash from SBF or Other senior Executives at FTX a crypto Exchange that filed for bankruptcy in Delaware in November after coindesk Revealed unusually close ties between FTX and Alameda research and Affiliated Hedge fund the names in Congress range From the heights of both Chambers Including new Speaker of House of the House Kevin McCarthy of course and Senate Majority Leader Chuck Schumer of Course down to a list of recipients new To high-level politics after the Lawmakers received the money it became Clear according to the work of Journalists the criminal charges and Admissions of guilt from FTX insiders That the fund sprang from the Colossal Financial Swindle coindesk reached out To all 196 lawmakers to ask what they Would do with the money Most of the politicians who responded Said they handed it over to their Charities to remove the taint of Contributions from Executives such as Former FTX CEO Sam Bateman freed whose Federal fraud charges also include an

Accusation that he violated campaign Finance laws here's the problem you get To choose whoever like you can't In this situation the response should be I'm going to return it to the users of The platform that were screwed out of Their money not I chose some charity That you know I'm personally tied with That I probably get a benefit for Donating to no return it to the users This is absolutely like ridiculous that That is the I've washed my hands of this I donated to a charity no no no no no no No no no no no no You don't you don't steal from the poor And then give to a charity of your Choosing right you don't accept Donations from somebody who stole from The poor And then give it to a charity of your Choosing you give it back to the poor Like it's just ridiculous it's pretty Funny though I mean apart for the course Right others have revealed that they had Conversations with the US Department of Justice about setting aside the money Until it can be dropped into a fund to Compensate FTX victims that one sounds Better So these guys whoever these guys I want The list of these guys versus the list Of these guys right That's what I want I want a list All right

So representative Lou Cory uh Cory Democrat California was among dozens of Current or incoming members of Congress Who took FTX contributions in this case The full limit of 2900 directly from Bankman freed I don't know the gentleman Never talked to him he told coindesk but Said he intended to donate that same Amount to his alma mater California State University Fullerton to support Their dreamer education fund no see I'm Against that don't give it to the University of California Give it to the University of Hard Knocks Bro they got screwed by FTX Charitable contributions of the 53 Campaigns That responded on record 64 decided to Forward the donated amounts to Non-profit causes incoming Representative Greg kassar Democrat of Texas uh plan to forward contributions From FTX executive Brothers uh brother From his brother okay Sam bingman Freed's brother to the advocacy group of Fight corporate monopolies Wall representative Ronnie Jackson Republican of Texas said he would give To a Crisis Pregnancy Center no No Both y'all shame for shame Support your Political pundits and get votes Out of what was donated to you that was

Stolen in the first place And putting towards your political Perspective so that you get votes No No Oh my gosh However the campaign's channeling Tainted money to favored Charities may Not escape the reach of ftx's bankruptcy Case And even the organizations they give Could be roped in as they should As they should Making a payment or donation to a third Party including a charity in the amount Of an any payment received from a FTX Contributor does not prevent the FTX Debtors from seeking recovery oh for Sure FDX warned in December in a December statement the company is now Controlled by CEO John Ray III whose Primary job is to recover money from the Company's fleeced creditors though it Isn't yet clear whether Paul political Donations nominally made directly from Individuals personal accounts will be Subject to clawbacks the company said It's inviting any recipients of Donations from FTX Executives to return The money soon according to the Statement if the money was stolen it was Never Theirs to give several of the Campaigns told coindust that they're in Touch with the bankruptcy team or

Government authorities and are trying to Determine how to give the money back we Receive guidance from the Department of Justice that dollars received from FTX Executives should be set aside for when A victim's compensation fund is created In the future said Chris Carroll Campaign manager for rep uh Representative Rosa de Laro Democrat of Connecticut whose campaign exec accepted Contribution from nashad Singh one of The executives who contributed Millions Last year the current FTX means chaos at FTX means giving the money back is Easier said than done other recipients Who responded to coindesk inquiries 38 Said they were holding the money and Waiting for guidance on how to give it Back probably the best way to handle it Only five politicians said they had Already successfully returned the money And they have a list here so I highly Recommend going over and taking a look At it you know this this is you know a Bipartisan issue meaning uh members from Both sides are corrupt within this to a Certain extent how they respond to the This what their response is I think is The most important part right Returned or planned to return is what I Would lean towards being Um best wall donated obviously I think Would be worse or no response obviously Being a little bit worse than that but

Go check it back check it out and you Know see if there's somebody you need That you voted for previously that you Should maybe consider uh not voting for In the upcoming elections right if During ftx's bankruptcy process the Money is its Executives gave to Campaigns as well as other causes is Deemed fraudulent conveyances the Recipients have to give it back to ftx's Estate Anthony Sabino a bankruptcy Expert and a professor of law at St John's University told coindesk that he That the courts will work out whether This cash is tied to fraud though Clawing it back to FTX creditors could Take years victims of Bernie Madoff are Still receiving payments 14 years after His arrest according to Sabino the game Of hot potato that campaigns play by Giving donations to charity is a Political move that doesn't magically Absolve them from their responsibility To pay back the money the law does not Care if he gave it to Mother Teresa he Said and if the money has already been Spent then tough luck if you are no Longer have the money too bad you're Still liable and you may go bankrupt Yourself So though the charity Hot Potato was the Most common response coindesk received From politicians another sizable group Of respondents said they were working on

Giving the money back and it covers that Right So keeping mom of the 196 members of Congress who accepted campaign Contributions from ftx's former Executives 73 percent didn't respond to Coindesk requests for comment and so It's unclear what they're going to do With the money some of congress's most Or some of congress's most crypto Friendly members including Representative Tom emmer Republican of Minnesota who received 8 700 from uh Salane Salim and Zach Dexter the CEO of FTX subsidiary ledger X have kept mom on The subject emmer has largely treated The FTX crash like a blip continuing his Rhetoric uh rhetorical Crusade on behalf Of the industry in speeches and Appearances since the exchange filed for Bankruptcy in November emmer who is Co-chairman of the Congressional Bank a Blockchain Congress has argued that the FTX collapse was a failure of character Not of crypto but he added that the Industry will keep growing you do not Get growth without taking risk he told Cryptocurrency a cryptocurrency industry Crowd in Washington DC I would agree With him on that right but he does have To resolve this you know this isn't he He has to say it's a failure of Character oh let me show character here And resolve this eighty seven hundred

Dollars you don't get to just say hey It's an error of character and then not Actually back that up with an action Yourself in response to that right That's just my humble opinion right how That needs to be handled like I agree With him but he needs to show that he Means what he says Other members of the caucus who received Money from FTX Executives like uh Josh Gothamir uh Democrat of New Jersey and David uh Schweitzer something like that Almost got it Republican of Arizona Another of the co-chairs seemed eager to Distance themselves from their donors Telling coindesk the money has already Been donated to charity or returned to FTX So a firehouse of money most of the Attention on Bateman Freed's campaign Has focused on the firehouse of indirect Money he aimed at Congressional Democrats in the primary elections last Year through his own and other political Action committees he spent 40 million Dollars in the past two years donations That are now under scrutiny by the FTX Bankruptcy team and federal prosecutors Though the cash was largely spent on Such things as television advertisements And political mailers dad Wilson a Bankruptcy attorney at the law firm King And Spalding said that vendors could Find the FTX estate knocking at their

Doors taking back money that for Instance Paid Television or radio Stations to air political advertisements Wilson said the callbacks in previous Fraud cases such as the Allen Stanford Ponzi scheme set a legal precedent in That case several campaigns and Politicians were hit with clawback Claims including former president Barack Obama who had given the money to charity And balked at returning it even the Golf Channel which had allegedly been paid With money from the scheme was sued for Fraudulent transfers the drama over FTX Cash could get even messier than Dragging the Golf Channel Through the Courts bankman Freed's family including Brother Gabe was highly involved in his Political engagement and Wilson said It's not uncommon for litigation to Extend to family members particularly Where the size of the donations were Significant I gotta move this mic down He keeps bouncing the air onto my nose And making it itch hold on Wall bankman freed and his colleagues Made a staggering number of Highly Visible direct donations these actual Dollar amounts represent a sliver of Their political investment The type of packs they favored which Don't carry the same limits for the Amount of cash individuals can shovel And focus on what are known as

Independent expenditures meaning Political help that's not officially Tied to campaigns the dollars that flow Through such packs can be marked or also Be dark money coming from from unnamed Donors through non-profit intermediaries Something like the crypto mixer Services Of political spending the 30 year old Disgraced CEO said after his resignation That he had taken Public Credit for the Democratic spending but he had also Funneled money to Republicans that Remark seemed to have been echoed in his Criminal proceedings in which he was Charged with conspiracy to defraud the U.S and commit campaign Finance Violations specifically accused of Propping up wealthy co-conspirators as Straw donors contributed to funds that He was secretly supplying Laughs He's like yes I was trying to defraud The US and commit campaign Finance Violations but I it was it was by it was Bipartisan okay Look bro I it was illegal but it was Bipartisan okay dude Ah It's a terrible argument it's like it's Like I got in trouble I did something Wrong But Spokesman for bankman freed declined to Comment for the story the bulk of the

FTX spending on Republican candidates Came from one of bingman Freed's Underlings uh Saleem or whatever who Hasn't been accused of criminal Involvement at press time while bingman Freeze 2022 givings had stunned National Politics by raising him to a one-time Rank his fourth largest individual Political donor His spending had also lifted his name to 11th Place according to the Opensecrets.org he did not respond to a Request for comet He was a picture in the Republican Congressional primaries at the companion Of Michelle Bond a crypto Advocate who Ran as a republican candidate for New York's First District The two were even seen hobnobbing with Donald Trump Jr the former president's Son but Saleem was more influential as a Donor giving about 24 million to the Party's candidate and causes Another major contributor was Singh one Of the inner circle of the top FTX Employees running the global business he Gave almost 10 million to democratic Candidates and Progressive politicians Political action committees in the last Cycle according to the Federal Election Commission records a lawyer lawyer Representing Singh declined to comment On one other FTX donor was Mark wetjin a Former commissioner and acting chairman

Of the U.S Commodities Futures Trading Commission Who FTX hired in 2021 to head its policy Work in Washington the campaigns he gave To generally overlapped with bingman Freed donations though Wet Gin gave Modest amounts and made fewer than two Dozen contributions he also declined to Comment So the debates between personal money Right all of the direct donations that Politicians are scrambling to cleanse From their campaigns came from the Executive's personal money and so until A legal determination emerges that the Funds really should be considered part Of the company's bankruptcy Sabino the St John's professor said a clawback Process does not affect donations Bankman freed made with his own money Likewise for other Executives of FTX who Donated their personal money to be no Added begman freed has been charged with Campaign fraud and prosecutors have Alleged that he did or he hid the true Source of the funds he donated but the Accusations are scant in detail about What exactly is being alleged and Authorities haven't yet hinted at Whether the same level of scrutiny will Be applied to donations made by others I Think other Executives right some Additional confusion could arise over The mass bankman freed made in his

Direct giving often donated repeatedly And well beyond Federal limits for Individual contributions according to Analysis of federal records the maximum Per election was capped at 2 900 during The cycle which would amount to 5800 for A both a primary and general election For instance in this case Senator Susan Collins Republican of Maine Bateman Freed apparently contributed six times For a 17 400 total according to a Federal records it represented the Campaign said the amount over the limit Was given back in September and October Of 2021 and on one date in 2021 Bateman Freed apparently contributed to Romney Six times for 31 900 through the Campaign returned all but the legal Limit of the 5800. the FTX Executives Typically targeted candidates already in Power who weren't likely to lose it and They only sent the money to a couple Dozen candidates who lost Despite the abundance of conspiracy Theories around Bateman Free's Financial Relationship with Democrats he openly Gave 10 to 10 Republican lawmakers is What they're saying here some of his Cash went to the prominent Senators who Weren't even running in last year's Election such as Dick Durbin Romney and John boosman So the 37 percent of Congress who took FTX money will now be among lawmakers or

Well yeah now be among long makers Deciding how the U.S should regulate Cryptocurrencies and whether to allow The route penguin freed Lobby for this Session is expected to produce at least Some initial attempts at laws governing Crypto assets and the Damage wrought by FTX will be in the Forefront of that Debate while penguin freed sits in his Parents Stanford California home wearing An ankle monitor and awaiting the Developments of his criminal prosecution A key figure Senator Sherrod Brown Chairman of the Senate Banking Committee Has begun talks about the Contours of The crypto Bill and despite loud Crown Uh crowing on social media that begman Freed's arrest Heralds the death of the Controversial crypto regulation Bill he Supported Experts say that That and other legislative efforts will Continue hmm Though the discourse on Capitol Hill Will remain hyper aware of Benjamin Freed's recent Washington ties the fact Of his widespread relationships with Lawmakers won't itself kill the work Said Jenny Lee a partner at Law Firm Reed Smith's a financial industry group And former enforcement attorney at the Consumer Financial Protection Bureau With the FTX bankruptcy there is a Public Focus that is intense enough that

We might have a chance at more Thoughtful rulemaking Lee said we've Been regulating these underlying issues For more than 100 years and it will take Some thoughtful analysis reference back To the history and deep understanding of The technical issues on the part of Regulators and lawmakers to apply it to Crypto in a manner that does not do more Harm than good many of the lawmakers who Temporarily benefit from the sudden Crypto Riches of ftx's political novices Are now issuing scathing comments about The recklessness of company officials And calling for tough industry oversight So it's crypto regulation progresses the Industry May face politicians who feel They have been burned before by digital Asset Advocates so they're compromised Right you can't have people that are Making laws that are biased on the Subject which they clearly are now Foreign That's what's going on I feel like we're Gonna have people making laws that are Extremely biased in this position right And you end up in a position like I said Before where it feels like the attack is On cryptocurrency as a whole and not on What is really the problem which is of Course that human problem and that comes With centralization so the further you Move away from the fundamentals of Cryptocurrency in my humble opinion the

Closer you move to some sort of Corruption influenced by human Interaction And that's just Human nature right that's not Any any person can be corrupted at that Point It's just the way it works you that's Why the entire point is to try to Decentralize it And make it transparent right and record A public Ledger is because if you can do That then you can remove The everything that gets done behind the Curtain in centralization right thanks For checking out this clip from the Crypto mining show you can check out the Full episode here or more crypto content Down here also I'd like you to check out My locals page at son of a Tech.locals.com where you can become a Member for free or choose to be a five Dollar a month supporter that unlocks Additional content

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