A federal judge in the Southern District of New York has denied Michelle Bond’s motion to dismiss campaign finance charges tied to money that allegedly flowed from FTX into her 2022 congressional run. The ruling keeps alive a case that traces a direct line from Sam Bankman-Fried’s collapsed empire into the machinery of American electoral politics.

Bond, who is married to former FTX Digital Markets co-CEO Ryan Salame, was indicted on August 22, 2024, on four counts. Those counts include conspiracy to cause unlawful campaign contributions and excessive contributions, each carrying a potential penalty of up to five years in prison.

The alleged scheme

According to the indictment, Salame arranged a $400,000 payment from FTX to Bond, labeled as consulting fees, shortly after she announced her candidacy for New York’s 1st congressional district in the 2022 Republican primary. Prosecutors say that payment, along with additional personal wire transfers, was used to illegally finance her campaign.

Bond previously served as CEO of Digital Futures, a role that placed her squarely within the crypto industry’s orbit. Her campaign positioned her as a candidate with deep knowledge of digital assets.

Salame himself pleaded guilty to related campaign finance crimes in September 2023. He was sentenced to 90 months in prison in May 2024.

Why the case keeps dragging on

Bond’s legal team attempted to get the charges thrown out entirely, arguing for dismissal of the indictment. The federal judge’s denial of that motion means the case will proceed toward trial, though the timeline suggests it could stretch well into late 2025 or beyond.

Part of the delay stems from ongoing disputes about Salame’s plea agreement and what it means for Bond’s defense.

Salame’s guilty plea acknowledged that he directed political contributions to candidates across multiple races, making Bond’s alleged scheme part of a broader pattern of FTX money seeping into the American political system.

What this means for crypto and political fundraising

Before FTX’s collapse in November 2022, the exchange and its affiliates were among the largest political donors in the country. Bankman-Fried cultivated relationships on both sides of the aisle, and Salame directed contributions primarily to Republican candidates.

If Bond is convicted on all four counts, she could face up to 20 years in prison, though actual sentences in campaign finance cases typically fall well below the statutory maximum.