Iowa GOP Again Calls on Iowa Democrats to Return FTX Contribution
DES MOINES – Back in June 2022, the Iowa Democratic Party accepted a one-time contribution of $250,000 from Nishad Singh, a former executive with the embattled and bankrupt cryptocurrency exchange FTX. Recent court testimony made by Singh underscores the ethical conundrum that Iowa Democrats are in by having accepted FTX-linked cash.
Singh’s $250,000 donation to Iowa Democrats was one of many that comprised millions in political contributions – largely to Democrats and Democrat-aligned groups – made by disgraced FTX founder Sam Bankman-Fried and his inner circle. Bankman-Fried and numerous other high-level FTX executives have since been arrested and charged with crimes that include wire fraud, securities fraud, money laundering, and campaign finance violations.
Trials against these FTX executive have recently begun, during which Singh, who is cooperating with prosecutors, admitted to the jury that political contributions made in his name were made using funds stolen from FTX customers – all but confirming that the Iowa Democratic Party accepted dirty money.
Singh also noted that political contributions were made in his name for optics purposes. “It was useful for my name to be associated with some donations, even if the end recipient understood they were really coming from something else,” he said during recent trial proceedings.
In response to these developments, Republican Party of Iowa Chairman Jeff Kaufmann released the following statement:
"It's now been almost a year since the Iowa Democratic Party said that it was 'looking into' a $250,000 contribution from FTX executive Nishad Singh. Will Iowa Democrats continue to sit on money from blatant con artists who defrauded innocent Americans? Or will they do the right thing and return this dirty money?”