FTX’s SBF said it could donate between $100 million and $1 billion to the 2024 US presidential campaign.

Sam Bankman-Fried, CEO of cryptocurrency derivatives exchange FTX, believes he will donate between $100 million and $1 billion during the 2024 US presidential campaign.

in a recent podcast interview SBF claims it will spend “more than $100 million” with American journalist Jacob Goldstein. When it was suggested that his donation cap would be around $1 billion, the executive said it was possible and called it a “soft limit.” he added,

“How many more than that, I do not know. It really depends on what’s happening. It really depends on who runs where for what. (..) Yeah, I don’t want to say it’s kind of … hard ceiling, but at least I think it’s ok to see it as a kind of soft ceiling. Yes.”

It’s worth noting that the SBF, a relatively newcomer to political spending, made the second-largest donation to President Joe Biden’s 2020 presidential campaign, which contributed $5.2 million. Biden’s campaign received $79.5 million from the top 100 donors, as opposed to $75 million for Donald Trump.

More recently, crypto executives donated more than $10 million to support Carrick Flynn, the Democratic primary candidate for the Oregon House of Representatives. However, the candidates were defeated by a significant margin.

Political Action Committee (PAC) Spending

FTX CEO Reportedly In April of this year, $16 million was spent on politics outside the spending group. Of the total, $10 million was used to protect our future and the remaining $6 million went to the House Majority PAC, which is linked to Speaker Nancy Pelosi. According to Bloomberg, the executive has spent $31.5 million so far in this election.

Going forward, Bankman-Fried says his top priority will go beyond political spending to prepare for the pandemic. When asked if some of his political donations were a specific result of cryptocurrency regulation, he said “not a big part” without giving further details.

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