According to a recent media report, the US Republican used crypto related investments deal in the 2020 presidential elections. Reportedly, Congressman George Santos, who represents New York’s 3rd congressional district attempted to set up a crypto-related investment deal with a donor during an election campaign in 2020.
Santos successfully won a seat in Congress in 2022, and has served as a member of the House of Representatives since January 2023. The news report explained that the crypto investment scheme was pitched to a loyal Republican donor during Santos’ first Congressional election campaign. However, the campaign eventually turned out unsuccessful.
Reportedly, under the scheme, Santos and three of his associates revealed that a wealthy Polish investor wanted to buy crypto, but that he faced a problem when his bank account was frozen.
To this, Santos asked the donor to set up an LLC, also known as a limited liability company, which he claimed would somehow be needed to regain access to the investor’s frozen money.
However, according to the donor, the plan, which he likened to a “Nigerian prince” email scam, made no sense. He added that the deal did not proceed when he asked for changes to be made in a non-disclosure agreement (NDA) he was presented with and asked to sign.
Notably, this is not the first time Santos has become a part of unpleasant scenario. He is infamous in Congress for his many questionable endeavors in the past, and he has also been caught lying and making up false stories about himself on a number of occasions.
After Santos’ election, several media reports stated that his self-published biography appeared to be fabricated. They added that this included claims about his education, family background, and financial situation.
According to him, Santos has been charged with 13 felonies for a variety of things, including misrepresenting earnings, fraudulently collecting unemployment benefits, and siphoning funds from political donors for personal expenses. Reportedly, he has pleaded not guilty to all charges.
Notably, an increasing role of crypto assets have been found in the US political arena. As reported by Todayq News, American voters are enthusiastic towards having a crypto aware candidate. Amid the imminent political divide in the US, Republican candidates have been largely favourable to cryptocurrencies.
Simultaneously, some have raised alarms over the increasing interest of politicians towards the crypto assets. A large segment of lawmaker lobby and authorities around the globe want lawmakers and other government officials to keep their distance from cryptocurrencies.