The charge alleged that SBF, co-founder of bankrupt crypto exchange FTX, and his associates used customer deposits to make $90 million in campaign contributions to approximately 300 candidates or political action committees.
The decision to drop the charge comes after The Bahamas, where SBF is currently located, notified the United States that they do not intend to extradite him on this specific count. In accordance with its treaty obligations to The Bahamas, the DOJ has decided not to proceed with the trial on the campaign contributions count.
SBF, who contributed nearly $39 million to Democrat-aligned causes, was the second-largest individual donor to them during the 2022 midterm election cycle, according to analysis of Federal Election Commission data by The Washington Post.
Following the collapse of FTX in December, SBF was swiftly extradited from The Bahamas to the U.S. and has since been confined to his parents' residence in California on a $250 million bond.
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Prosecutors requested that SBF be detained in jail until his trial, which is scheduled for October. The request came after allegations that SBF tampered with witnesses by leaking diary entries of his former girlfriend and FTX business partner, Caroline Ellison.
A gag order has been placed on SBF by the judge due to these allegations. The Department of Justice and SBF's attorney have not yet responded to requests for comment.
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