FTX Boss Is Rethinking On $1B Political Donation, Calls It A Slip of Tongue

Sam Bankman-Fried, the head of cryptocurrency exchange FTX, has reversed his comments that he would donate up to $1 billion in the next U.S. presidential election slated to take place in November 2024.


In an interview with Politico’s Morning Money published on Friday, the FTX founder said: “That was a dumb quote on my part. I think my messaging was sort of sloppy and inconsistent in some cases.”

That is bad news for Democrats who have been looking for more funding to drive their campaigns against Republicans for the election race.

Bankman-Fried said that releasing his fortune in the days before elections wouldn’t do much to elevate his policy priorities. The billionaire has been a vocal advocate for crypto regulation and pandemic preparedness.

The FTX boss said despite talking to voters, spending more time, money, and anything else on such activities, he may not accomplish anything more.

Bankman-Fried, who was in Washington for conference appearances this week, said: “I think primaries are more important. Frankly, I could try and talk about pandemic preparedness in a general election. But most voters are gonna say, ‘That’s cool, but like, I’m a Democrat’ or ‘I’m a Republican.’ That’s not going to move the needle enough for me to go over all of the other issues.”

Bankman-Fried has spent nearly $40 million on political action committees (PACs) and campaigns this year, a big chunk of funds going to the Democratic party and its candidates. That is enough to make him one of the biggest donors in politics today.

However, that is only a fraction of the $1 billion he previously said he’d be willing to spend in the 2024 general elections. He was one of the top contributors to Joe Biden for the successful 2020 presidential campaign.

Crypto is becoming more mainstream – currently, 20% of American adults own digital assets. With that growth, an increase in donations by crypto executives and investors to political candidates friendly to the new industry has been on the rise.

Political donations from the industry rose to more than $26 million between last year and March 2022. That influx of funding outpaced finances raised by internet giants, drug makers, and the defense industry investors for candidates heading into November’s congressional elections.

The issue of regulating digital assets appears to be divisive as issues surrounding gun control and abortion rights. The upcoming election will have a huge consequence for crypto regulations, according to market observers.

Image source: Shutterstock


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Sam Bankman-Fried Donates $16m to Democratic Super PACs in April: Bloomberg

FTX Derivatives Exchange’s Chief Executive Officer Sam Bankman-Fried has doubled down in his donations to Super Political Action Committees (PACs), with a total donation of $16 million in April.


As reported by Bloomberg, the donations were made in two tranches of $10 million and $6 million respectively.

The $10 million donations were given to Protect Our Future, a Super PAC that has a commitment to super candidates that have promises to help prevent the next pandemic. 

As the mid-term elections are approaching, the PAC has spent as much as $19 million to back Democratic candidates, including Carrick Flynn. Flynn ran for an open seat in Oregon’s 6th Congressional District but lost the primaries to Andrea Salinas, a state lawmaker who, according to Bloomberg could be Oregon’s first Latino woman elected to Congress should she win the seat in November.

The donated $6 million were given to a PAC connected to House Speaker, Nancy Pelosi dubbed The House Majority PAC. The donated funds have earned Bankman-Fried the highest donor to the PAC in April. This election season, Sam Bankman-Fried who has seen his net worth slashed by almost half to $11.3 billion in the wake of the current crypto market onslaught has donated a total of $31.5 million thus far.

Back in 2020, the FTX boss was the VIP amongst the biggest donors to President Joe Biden’s campaign and earned him his reputation as one of the top crypto investors with active engagement in American politics.

The mid-term elections, as with other mid-terms are a very pivotal one in the United States, and this time around, the Democrats will be looking to either maintain or extend the majority leader in the House. With a crypto representation joining hands to fund candidates, it is indicative of the role of crypto in seeking the common societal good.

Image source: Shutterstock


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