Sam Bankman-Fried admitted to being a “significant donor” to both sides in the US midterm elections

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.

SBF has been a ‘significant donor’ in the US midterm elections

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, “and signed up campaigns to accept cryptocurrency and provided some, including millions to Senate and House Republicans.” He did this in collaboration with FTX Digital Markets co-CEO Ryan Salame.

Earlier this year SBF intended to spend up to $1 billion to sway the 2024 presidential election. His 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 for 2021–2022.

92% of that total have 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 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 become 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.

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