Ahead of the 2022 U.S. midterm elections, crypto billionaire and FTX Founder Sam Bankman-Fried has stated that he is among the top campaign donators, with emphasis on politicians looking to push a permissionless finance agenda.
FTX’s Sam Bankman-Fried Tops Crypto Donors
In a series of posts on Twitter, Sam Bankman-Fried disclosed that he has made donations to candidates that are actively seeking to support permissionless finance, as well as to prevent future pandemics. According to reports, the FTX boss has made the largest contributions among those in the crypto space.
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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 OpenSecrets, a research group that tracks political donations, crypto firms and their employees invested $73 million into upcoming the 2022 elections, up from the $13 million contributed during the 2020 cycle.
OpenSecrets revealed that SBF made the largest sum of donations among crypto representatives at a total $39.8 million. Furthermore, FTX is the third largest total contributor for the 2022 elections, behind a George Soros company and Uline.
Explaining the Surge in Crypto Donations
Funding from SBF and other crypto firms was spread across a range of Democrat and Republican candidates, with companies demonstratively showing support for candidates that have expressed a pro-crypto stance.
The firms are hoping to influence the appointment of politicians who would not only enact crypto positive regulations, but would also seek to limit attacks by regulatory agencies, with the Securities and Exchange Commission (SEC) topping that particular list.
On the Flipside
- The crypto winter appears to have taken a toll on the level of funding afforded by crypto firms, as the $3.9 million gathered in September represents a 63% drop from June’s $10.4 million.
Why You Should Care
Sam Bankman-Fried has actively involved himself in lobbying efforts on behalf of the crypto ecosystem to push for the election of crypto-friendly politicians.
More on crypto firms’ attempts to influence the election:
Crypto Companies Attempt to Influence U.S. Midterm Elections
Find out how crypto rates politicians:
Coinbase (NASDAQ:COIN) Rates Politicians On Crypto-Friendliness Ahead Of U.S. Midterm Elections