FTX’s Sam Bankman-Fried admits making donations towards US midterm elections | The Financial Express

FTX’s Sam Bankman-Fried admits making donations towards US midterm elections

According to Cointelegraph, on November 8, 2022, SBF conveyed to his Twitter followers about giving contributions to electoral campaigns for both sides

FTX’s Sam Bankman-Fried admits making donations towards US midterm elections
As per a recent survey conducted by fund manager Grayscale, 38% of respondents are expected to consider cryptocurrency policy positions while making the selection for their candidates

Sam Bankman-Fried (SBF), founder, FTX, and cryptocurrency billonaire, has accepted being a donor for both side of the political spectrum prior to the 2022 midterm elections, as reported by Cointelegraph.

According to Cointelegraph, on November 8, 2022, prior to the United States midterm elections, SBF conveyed to his Twitter followers about giving contributions to electoral campaigns for both sides. SBF even stated about working in collaboration with Ryan Salame, co-CEO, FTX Digital Markets, who has signed up campaigns for cryptocurrency-based acceptances. 

On the basis of information by Cointelegraph, reportedly, SBF’s was planning to utilise one billion dollars to influence 2024 presidential election campaigns. In 2020, SBF made the donation of $5.2 million to the Joe Biden presidential campaign. Insights from Open Secrets, a platform keeping track of the money in politics, stated that SBF is the sixth largest political contributor, with the total contribution being $39.8 million for the 2021-22 period. It is believed that of the total 92% has been directed towards Democrats, while the remainder being channeled towards Republican candidates and campaigns. Reportedly, the top political contributor was billionaire investor George Soros, who has made the pledge of $128.5 million for the Democrats. Peter Thiel, a billionaire venture capitalist, who has supported cryptocurrency startups, was ninth on the list with $32.6 million for supporting the Republicans.

Moreover, Cointelegraph noted that Bankman-Fried also provides backing to the political action committee (PAC) Protect Our Future, which was created in January, 2022, and has spent over nine billion dollars for supporting Democrat candidates. As per a recent survey conducted by fund manager Grayscale, 38% of respondents are expected to consider cryptocurrency policy positions while making the selection for their candidates.

(With insights from Cointelegraph)

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First published on: 07-11-2022 at 15:47 IST