According to the sources, FTX founder and CEO Bankman-Fried announced his future intentions in an appearance on the podcast “What’s Your Problem?” on May 24. In the US election 2024, Bankman-Fried is expected to give “north of $100 million,” with a “soft cap” of $1 billion. He stated:
“I’d hate to say hard ceiling because who knows what may happen between now and then.”
He went on to say that the particular amount will be determined depending on the candidates and their programmes, adding that the amount is “dependent on exactly who’s running where [and] for what.”
According to data from Open Secrets, a $1 billion gift would break previous records multiple times over. Republican entrepreneurs Sheldon and Miriam Adelson are the greatest single political donors in the United States until 2024. Bankman- Fried also gave $5.2 million to Joe Biden’s campaign in the November 2020 U.S. elections. That was the second-largest donation to Biden, after only New York Mayor Michael Bloomberg’s $56 million.
By April 2021, Bankman-Protect Fried’s Our Future PAC had spent more than $9 million on congressional candidates. That sum is now expected to be $20 million. Democratic candidate Carrick Flynn of Oregon, who benefited from the PAC, was defeated in a primary last week by Republican Andrea Salinas.
Other crypto industry donations have also been identified by Open Secrets. Ripple executives Brad Garlinghouse and Chris Larsen, ex-Bittrex CEO Bill Shihara, Coinbase legal executives Paul Grewal and Juan Suarez, and Kraken CEO Jesse Powell are among those named. According to the sources, the crypto business and its members have spent $30 million during the 2020 US election campaign.
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