According to Open Secrets, SBF reportedly spent approximately $40 million primarily supporting Democrats during the current election campaign.
Before the 2022 midterm elections, crypto millionaire and FTX creator, Sam Bankman-Fried acknowledged being a “major donor” to both sides of the political aisle.
SBF informed his Twitter followers that he had contributed to electoral campaigns on both sides of the aisle days before the U.S. midterm elections on November 8.
The cryptocurrency millionaire claimed that he has been “working with them to support permissionless finance” as well as “supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC.”
SBF continued by saying that he signed up campaigns to accept cryptocurrency and “provided some, including millions to Senate and House Republicans” while collaborating with Ryan Salame, co-CEO of FTX Digital Markets.
SBF announced earlier this year that it will invest up to $1 billion to sway the 2024 presidential election. His true strategy is to provide financial support to the rival contender to former president Donald Trump. SBF contributed $5.2 million to Joe Biden’s presidential campaign in 2020.
SBF is the sixth-largest political donor, according to Open Secrets, a website that tracks political spending. According to the site, he has contributed $39.8 million in total for the cycle 2021–2022.
92% of that total has gone to Democratic candidates and campaigns, and the remaining 12% to Republican ones. In the current cycle, FTX co-CEO Salame has donated $23.6 million to Republican campaigns, favoring the red side of the political spectrum.
George Soros, a billionaire investor who has donated $128.5 million to the Democrats, was the biggest political donor. With $32.6 million for the Republicans, billionaire venture capitalist Peter Thiel, who has funded several cryptocurrency firms, was ninth on the list.
Bankman-Fried also supports Protect Our Future, a PAC that was founded in January 2022 and has contributed more than $9 million to Democratic politicians.
With a greater tech-savvy voter base now having a voice in the midterm elections, cryptocurrency has emerged as a contentious issue. In a recent study conducted by fund management Grayscale, 38% of participants said they would “consider crypto policy positions” when selecting their candidates.
