Sam Bankman-Fried Budgets $1 Billion for U.S. Elections

Latest Crypto News

Latest Crypto News The FTX founder could become the biggest political donor in U.S. history in 2024.

Photo credit: Melissa Alcena/Bloomberg; Shutterstock background by cowardlion.

Key Takeaways

  • FTX founder and CEO Sam Bankman-Fried has stated that he could donate over $100 million in the 2024 presidential election.
  • He added that he could donate up to $1 billion, depending on the candidates and the campaign issues that are in play.
  • He donated $5.2 million to Biden’s campaign last year and has donated more than $9 million to congressional candidates.

FTX founder and CEO Sam Bankman-Fried has stated that he could spend up to $1 billion in the 2024 U.S. presidential elections.



Latest Crypto News FTX CEO May Donate Up to $1 Billion

CNBC reported today that Bankman-Fried revealed his spending plans in an interview on the podcast “What’s Your Problem?”

Bankman-Fried reportedly expects to donate “north of $100 million” with a “soft ceiling” of $1 billion in the 2024 elections. “I would hate to say hard ceiling, because who knows what’s going to happen between now and then,” he commented.

He added that he would determine the precise amount based on the candidates and their policies, concluding that the amount is “dependent on exactly who’s running where [and] for what.”

A $1 billion donation would break existing records several times over, based on data from Open Secrets cited by CNBC. To date, the largest single U.S. political donors are the Republican entrepreneurs Sheldon and Miriam Adelson, who spent $218 million in 2020.

Latest Crypto News SBF Has Made Prior Donations

Bankman-Fried has a history of previous political donations.

betfury

In the November 2020 U.S. elections, he donated $5.2 million to Joe Biden’s campaign. That was the second-largest donation to Biden behind the $56 million spent by New York Mayor Michael Bloomberg.

By April 2021, Bankman-Fried had spent over $9 million on congressional candidates through his Protect Our Future PAC. Now, that amount is estimated at $20 million. One candidate that benefited from the PAC—Democratic candidate Carrick Flynn of Oregon—was defeated in a primary last week by Republican Andrea Salinas.

Open Secrets has named other donors within the crypto industry. Those names include Ripple executives Brad Garlinghouse and Chris Larsen, Coinbase legal executives Paul Grewal and Juan Suarez, ex-Bittrex CEO Bill Shihara, and Kraken CEO Jesse Powell.

Recent reports from CNBC suggest that the crypto industry and its members spent $30 million since the 2020 election cycle.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Goldman Sachs Reportedly Keen to Forge Ties With FTX

Banking giant Goldman Sachs and crypto exchange FTX are reportedly looking to strengthen their relations. Goldman, FTX Weigh Future Collaboration  Goldman Sachs may soon be getting into bed with FTX….

latest Crypto News Goldman Sachs Reportedly Keen to Forge Ties With FTX

FTX Opens Up Shop in Australia Amid Regulatory Action

One of the world’s leading crypto exchanges, FTX, has announced plans to expand to Australia as the country prepares to regulate the industry.  FTX Expands in Australia FTX continues its…

latest Crypto News FTX Opens Up Shop in Australia Amid Regulatory Action

FTX CEO Criticizes Industry Stance on Russia Sanctions

News

FTX CEO Sam Bankman-Fried has criticized the crypto industry for presenting its policies around Russian sanctions poorly. SBF Says Messaging Has Been Unhelpful In a statement to Reuters on Mar….

latest Crypto News FTX CEO Criticizes Industry Stance on Russia Sanctions

Read More

wp reddit

You May Also Like