Open Secrets reports that FTX’s founder contributed almost $40 million to Democratic candidates during the current election cycle.
According to FTX founder Sam Bankman-Fried, he has donated significantly to both sides of the political spectrum in advance of the 2022 midterm elections.
SBF told his Twitter followers that he had contributed to Democratic and Republican campaigns ahead of the U.S. midterm elections on the 8th of November.
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He has been “working with them to support permissionless finance and prevent pandemics” and “supporting constructive candidates across the aisle.”
In addition, SBF said he has signed up campaigns to accept cryptos, such as senators and house members, in partnership with FTX Digital Markets chief executive Ryan Salame.
1) I was a significant donor in both D and R primaries.
Supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC.
And working with them to support permissionless finance.
— SBF (@SBF_FTX) November 5, 2022
According to the report, SBF plans to spend up to a billion dollars on influencing presidential campaigns in 2024. His fundamental objective is to fund his opponent, former President Donald Trump. Joe Biden’s presidential campaign received $5.2 million from SBF in 2020.
SBF is listed as the sixth most significant political contributor by Open Secrets, an organization that tracks political contributions. According to the report, his total contribution for 2021-2022 is $39.8 million.
92% of donations have been allocated to Democratic candidates and campaigns and the remainder to Republican campaigns. Salame donates $23.6 million to Republican candidates this election cycle to support the red side of the political divide.
Billionaire investor George Soros is the most significant political contributor to the Democrats, having pledged $128.5 million. Peter Andreas Thiel, a billionaire venture capitalist, ranked ninth on the list with $32.6 million for the Republicans.
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As per the recent survey by fund manager Grayscale, 38% of crypto responders keep considering crypto policy positions in focus to choose their candidates.