Sam Bankman-Fried, founder and CEO of FTX cryptocurrency exchange Sam Bankman-Fried, has revealed that he plans to spend between $100 million and $1 billion to influence the 2024 US presidential campaign.
on the podcast interview On May 24, Bankman-Fried was asked how much money he could donate during the next presidential election, and if he finances anyone he opposes, he puts a “soft limit” of $1 billion, along with a “soft limit” of $100 million. I’ll give you the North.” Former President Donald Trump.
“I don’t want to say it’s a tight ceiling, because who knows what will happen between now and then.”
According to OpenSecrets, a government watchdog that tracks data on campaign funding and lobbying, $1 billion in donations record more than once.
The largest personal political donors are now Republican business owners Sheldon and Miriam Adelson, who spent $218 million in 2020.
Bankman-Fried goes on to say that the amount he gives is “very accidental” and “depends on who runs where, where and why,” adding that he’s likely to spread his money across multiple organizations.
I think we’re going to see a lot less of a party from that perspective and a lot more of good governance and advertising for what I care about most.”
He said one of the most important issues for him is preventing the next epidemic, which he thinks will cost “hundreds of billions of dollars”.
“The United States has a great opportunity and a great responsibility to the world to shepherd the West in a strong but responsible way,” he added.
Bankman-Fried has donated millions of dollars to politicians in the past and currently donates $5.2 million to President Joe Biden’s 2020 presidential campaign.
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He also supports the Political Action Committee (PAC) “Protect Our Future”, established in January 2022. The committee had spent $9 million supporting the Democratic nominee through April.
In early May, PAC spent $8-10 million in the US House of Representatives supporting Carrick Flynn, who failed to win the Democratic primary for the new Oregon District 6 seat.
However, there could be a scenario where Bankman-Fried considers the possibility “very low” but decides not to donate at all.
“There’s a world where things get close to zero when things go well. It’s not very exciting.”
The FTX CEO did not mention which encryption-related policies he would pursue in the interview. Efforts in terms of lobbying for crypto-friendly policies are stepping up with the announcement of Coinbase Institute, a “crypto-native” think tank, last week on rival exchange Coinbase.
We will publish research on cryptography and Web3 to bolster the exchange’s lobbying efforts. In 2021, the company was the largest spending blockchain company in terms of lobbying, spending over $1.3 million.