Besides arch-leftist George Soros, the largest single donor to the Michigan Pro-Abortion Constitutional Amendment was a man named Nishad Singh, a 27 year-old software engineer and a top executive at the now bankrupt crypto currency firm FTX/Alameda.
FTX is a company that made global headlines recently by collapsing in spectacular fashion after embezzling tens of billions of dollars worth of customer funds.
FTX is to crypto currencies what Enron was to Wall Street: A fraudulent bad actor trying, unsuccessfully, to be too big to fail.
Since the collapse of FTX, Nishad Singh, who is said to have made loans of a whopping 543 million dollars to himself from FTX customer’s accounts, has disappeared.
Although Nishad is not to be found, the constitutional amendment he partially financed has not disappeared and in fact has become law, a law that legalizes the killing of thousands of unborn children for years to come. Thanks, in part, to FTX’s corrupt donations, the Amendment succeeded at the ballot box, passing by 57% to 43%.
The abortion Amendment, led by Michigan Governor Gretchen “fight-like-hell” Whitmer, is the most radical version of an abortion law that exists today, going even further than Roe v. Wade did, and making the killing of children in the womb, the state’s most sacred fundamental right. It will legalize abortion throughout all nine months of pregnancy, funnel tax-payer funds to pay for abortions, and essentially permit no regulation of the barbaric practice.
The pro-abortion amendment stacked a 3:1 funding advantage over the pro-life opposition thanks to the donations of the FTX crypto criminals, George Soros, Silicon Valley billionaires and the sketchiest of leftist dark-money PAC’s.
According to campaign finance records publicly available at the Michigan Secretary of State’s website, Nishad Singh, gave four million dollars to the abortion amendment between August and September of 2022.
Why would a 27 year old Indian American software engineer who resides in the Bahamas, care so much about promoting abortion in Michigan?
The answer is now very clear, he really didn’t care about abortion; instead, the donations were cynical political bribes to gain influence and preferential regulatory treatment for their fraudulent crypto currency business, FTX/Alameda.
… the donations were cynical political bribes to gain influence and preferential regulatory treatment for their fraudulent crypto currency business, FTX/Alameda.
The Downfall of the “King” of Crypto
FTX and Alameda were supposed to be separate companies, but both were controlled by the self-styled “king” of crypto, son of academic royalty – both Stanford law professors – Sam Bankman Fried.
FTX was a crypto exchange where people could buy, hold and exchange cryptocurrency in exchange for US dollars and for other crypto currencies, while Alameda was basically a cryptocurrency investment firm.
They both spectacularly collapsed a month ago when journalists (who amazingly were funded in part by FTX/Alameda, kudos to them for their rare display of journalistic integrity) discovered and published clear evidence of the companies’ fraudulent handling of client’s funds.
But again, why would a sketchy crypto company care about abortion in Michigan?
Political Blood Money in Michigan
Why did Samuel Bankman Fried and his FTX associate, Nishad Singh, focus their political donations on Michigan?
Michigan is not particularly important to the crypto finance world, except for its politicians.
It just happens that Michigan’s Pro-abortion Democrat Senator, Debbie Stabenow, was the main proponent of a federal crypto regulation that competitors of FTX believed would crush FTX’s competition.
On Aug. 3 of 2022 after many consultations with FTX’s CEO, Senator Stabenow introduced Senate Bill 4760, also known as the Digital Commodities Consumer Protection Act. The bill was quickly referred to a committee that Senator Stabenow herlself chairs, the Senate Committee on Agriculture, Nutrition, and Forestry.
What FTX Really Wanted
FTX executives wanted the crypto regulation they had helped to craft to end up in the Senate Agriculture Committee because it is the committee in charge of overseeing the Commodities Futures Trading Commission (CFTC). FTX’s execs wooed the committee’s chairwoman, Senator Stabenow, meeting regularly with her and donating tens of thousands to the Stabenow Victory Fund to eventually get the desired regulation introduced in the Senate. However, Senator Stabenow, was not up for re-election until 2024, so FTX would have to find another vehicle to lobby the Senator even harder in exchange for the desired regulation.
Regulation of the crypto markets is in its infancy, and in some cases is impossible to control due to the decentralized nature of the technology. However, crypto currency companies have to operate under the law of the nation’s where they operate. These big players see regulation as inevitable and whichever one was able to get the law on its side could become the Standard Oil of Cryptocurrency.
FTX decided that the CFTC, which does not have the personnel or regulatory framework in place to effectively oversee large firms like FTX, would be ideal as a malleable regulator. In fact, the proposed legislation influenced by FTX, known in the cryptocurrency world as “the SBF bill” (for Sam Bankman Fried, the CEO of FTX) would have given crypto exchanges the power to determine which cryptocurrencies would be regulated as commodities and which as securities. This power, which is way over the head of most, was intended to have been wielded by FTX as a way to crush its competition.
The other regulatory option available, and the one FTX wanted to avoid, was having the Securities and Exchange Commission (SEC) become the main regulator of the cryptocurrency industry. The much more sophisticated SEC has already stated that it does not believe Bitcoin, the world’s largest cryptocurrency, is a security, but many of the other cryptocurrencies, which are issued by companies and are not truly decentralized, could be considered securities. Industry insiders like FTX, which make huge profits on the fees from exchanging hundreds of cryptocurrencies, did not want the SEC to regulate a large portion of their profit-making transactions, and understood the SEC would be harder to manipulate than the CFTC.
Abortion, Michigan, and the Democrat Party
This all brings us back to Michigan.
Since Senator Stabenow was not up for reelection in 2022, the FTX execs must have either been directed by Michigan Democrat party officials or perhaps by some other ally of Senator Stabenow’s, to donate to the Michigan Pro-abortion Amendment, an issue, which unlike cryptocurrency regulation, is close to Senator Stabenow’s heart.
A month after the Supreme Court overturned the Roe v. Wade decision as having been wrongly decided, Senator Stabenow made a passionate pro-abortion speech on the US Senate floor touting Michigan’s Pro-Abortion Amendment and commending the committee “Reproductive Freedom for All”. This is the very committee that would subsequently receive the $4 million from FTX.
In 2022, Michigan was in the center of several political storms and important elections, but none was bigger than the Pro-Abortion Amendment which had been pushed hard by governor Gretchen Whitmer after the Dobbs decision ruled Roe v. Wade to be wrongly decided.
As Gretchen Whitmer repeated ad nauseam on social media, much to the delight of the fawning mainstream media, her most important policy objective was to promote abortion.
What better way for FTX to win over the Democrat establishment in Michigan than to make a massive donation to the pro-abortion Amendment?
Looking at the timing of the actions on the crypto regulation bill in the US Senate and comparing them to the timing of the donations by FTX to the Reproductive Freedom for All committee speaks volumes as to the real aim of FTX’s donation.
On August 3rd, Senator Stabenow introduced Senate Bill 4760 and immediately gets the bill referred to the Committee on Agriculture, Nutrition, and Forestry, a committee she presides and which oversees the CFTC.
On August 22nd, Nishad Singh, executive at FTX made a 2 million dollar contribution to the Reproductive Freedom For All Committee.
On September 15th, the Committee on Agriculture, Nutrition, and Forestry held hearings on the bill.
On September 21st, Nishad Singh made his second 2 million dollar donation to the Reproductive Freedom For All Committee.
After the cards came tumbling down all around FTX – wrecking untold numbers of it’s clients – FTX filed for bankruptcy, Sam Bankman Fried was arrested and is facing trial on a long list of financial crimes, and Nishad Singh just up and disappeared. Of course, without the FTX cash cow behind it, the legislation has stalled and is likely to go nowhere, even though calls for regulating the crypto industry have intensified.
The 4 Million Must be Returned
Michigan watchdog group CapCon reported that Senator Stabenow has not said if she will return the nearly $56,000 in donations to her campaign, although other legislators that took money from the crypto criminals have already returned the donations.
Still, no one is asking the Reproductive Freedom For All Committee to return the 4 million dollars, which should not be given to Planned Parenthood, as the pro-abortion activists would likely try to do, but instead should be returned to the bankruptcy administrators to be returned to the many creditors who were robbed by FTX in order to buy political influence from bloodthirsty pro-abortion and corrupt Michigan politicians.
As Michigan’s elections office shows, the committee was so flush with cash that it had an ending balance of over 9.6 million dollars, which is plenty to cover the 4 million dollars from FTX..
The damage to democracy is irreversible and the damage to the Michigan constitution and the untold thousands of babies who will be killed because of Michigan’s open season on the unborn is truly nightmarish.
Perhaps the only positive thing to come out of this entire scandal is the knowledge of the rotten corruption that exists at the heart of the polygamous political marriage of the Democrat party, the abortion industry, and elite big donors, be they ideological billionaires or rapacious hucksters.