When Rep. Carolyn Bourdeaux was gearing up last spring for a primary battle against fellow Georgia Democratic incumbent Rep. Lucy McBath, Bordeaux’s campaign team flagged an alarming article in Politico for her to read.
It reported that Sam Bankman-Fried, a 20-something cryptocurrency billionaire, was making his foray into politics as a Democratic big-money player—and he was starting with a seven-figure campaign to re-elect...