Sam Bankman-Fried Revealed as the Biggest Crypto Donor of the U.S. Midterm Elections

Sam Bankman-Fried has been the Biggest Crypto Donor in the U.S Mid-term Election

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.

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 Rates Politicians On Crypto-Friendliness Ahead Of U.S. Midterm Elections

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).