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According to OpenSecrets, Sam Bankman-Fried and FTX executives donated a combined $70 million to political campaigns in 18 months.
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Bankman-Fried himself donated $40 million, mostly to liberal causes, while fellow executive Ryan Salame donated $23 million, mostly to Republicans.
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Critics are scrutinizing the role of cryptocurrencies in politics after FTX’s dramatic demise.
FTX founder Sam Bankman-Fried and fellow executives Donated over $70 million In a political campaign ahead of the 2022 midterm elections, according to data from OpenSecrets.
Bankman-Fried himself donated nearly $40 million to Democratic candidates and political action committees. According to OpenSecrets, a nonpartisan organization that tracks campaign spending in U.S. politics. He was his second-highest donor to liberal initiatives after George Soros, and his sixth-highest donor overall.
Meanwhile, senior FTX executive Ryan Salame donated more than $23 million, mostly to Republican candidates and their efforts. It was from Nishad Singh.
Their collective contributions have cemented FTX as the third largest contributor to political engagement this election cycle and helped propel cryptocurrency to one of Washington’s top consumer industries.
Well, with the advent of FTX dramatic collapse and bankruptcy — This caused Bankman-Fried to lose his net worth of $16 billion earlier this month as well as step down from his position — The donation is a move to scrutinize the political impact of the crypto industry. I am urging you.
FTX’s rapid demise has also led many to criticize “effective altruism.” This worldview, the worldview that Bankman-Fried and some of his colleagues had, led to the formation of the Future Fund, an initiative to make social impact investments.
In an interview on NBC’s Meet the Press in September, bankman fried Discussed his political contributions and acknowledged the impact such substantial contributions would have on lawmakers.
Bankman-Fried said of political donations, “Frankly, everyone should always be skeptical of this sort of thing.” No. What I mean is look at the evidence and try to figure out what’s going on.”
Read the original article at business insider