Political Committees Are Still Forfeiting Crypto Kingpins’ Tainted Contributions

In 2022, it took less than a week for the multibillion-dollar cryptocurrency exchange FTX to collapse into bankruptcy, prompting politicians and political groups to quickly promise refunds of donations given to them by the company’s soon-to-be-indicted executives.

The path to restitution, however, has been anything but swift. It took years for most organizations to reach agreements to repay the tainted funds following negotiations with the Justice Department and FTX’s lengthy bankruptcy proceedings.

That slog means major political groups that support the campaigns of Democrats and Republicans alike are continuing to pay out millions of dollars during the 2026 midterm campaign, harming their bottom lines at a time when they’re fighting for control of Congress.

The situation is especially hurting Democrats, who on balance have raised less cash than their Republican counterparts this cycle and have surrendered far more FTX-related settlement money.

Overall, negotiations have resulted in a mix of FTX-linked settlement payouts — some still being made to this day — and other obfuscated payback agreements that leave unclear how much tainted money various groups may retain or were ever obligated to give back.

Over a dozen largely Democratic-aligned groups reached agreements in November 2024, with some quickly repaying all funds they had taken over the years from FTX or its executives. Among those organizations was the House Majority PAC, the primary super PAC supporting Democratic House candidates, which surrendered $6 million to the U.S. Marshals later that month, according to federal records.

Others have been far slower to make such agreements or return the funds they received.

EMILYs List’s super PAC arm, Women Vote, made its most recent payment to the FTX Recovery Trust this April: $650,000. It had received $2.25 million from FTX’s then-head of engineering, Nishad Singh, and has an outstanding balance of $650,000, federal filings show.

Former FTX executive Nishad Singh and Claire Wantanabe, his finance, leave Manhattan federal court on Oct. 30, 2024, in New York. Larry Neumeister/AP

Women Vote and dozens of other organizations that NOTUS reached out to did not respond to requests for comment.

Senate Majority PAC, the Democratic Party’s aligned super PAC supporting Senate candidates, had accepted a total of $3 million from FTX founder Sam Bankman-Fried and Singh. So far, it’s surrendered $2 million to the U.S. Marshals across two payments in December 2024 and December 2025 — leaving $1 million still outstanding.

“Senate Majority PAC entered into an agreement with the U.S. Marshals Service to return these funds and we continue to meet that schedule,” committee spokesperson Lauren French said in a statement. “It has always been and remains our intent to return 100% of the funds.”

Democratic groups across the country received tens of millions of dollars from FTX and its leaders — far more than what Republican-aligned organizations received.

“Pursuant to a settlement agreement, the Michigan Democratic Party returned 100 percent of the funds received from FTX,” spokesperson Leah Leszczynski said in a statement, adding that it forfeited the cash last year.

The primary super PAC backing Vice President Kamala Harris’ 2024 presidential campaign, Future Forward, made its latest payment to the recovery funds in February 2025, forfeiting $3.35 million.

In July 2025, FTX agreed to drop lawsuits against six largely Republican-aligned political groups after seeking to recoup donations it had sent their way. The terms of the dismissals were not made public, making it unclear how much each organization may have agreed to forfeit.

Among them were the Congressional Leadership Fund and Senate Leadership Fund — both Republican super PAC powerhouses — which respectively paid out $825,000 in July 2025 and $1.05 million in August 2025.

Of the six, only American Prosperity Alliance, a nonprofit linked to former Speaker Kevin McCarthy, responded to NOTUS’ inquiries, confirming: “All payments have been made.” It did not specify a payment amount.

Bankman-Fried, who is currently serving a 25-year prison sentence for various crimes, including financial fraud, formally applied for a pardon from President Donald Trump on Monday.