Sam Bankman-Fried Says He Could Spend up to $1 Billion to Influence the 2024 US Election

May 26, 2022

Reading Time: 2 minutes

Depending on who runs and what they want, the famously altruistic FTX chief, Bankman-Fried, said he could donate up to $1 billion to have his say in the upcoming United States election.

In an interview on The Pushkin Industries podcast, the 30-year-old billionaire said, “I would guess north of $100 million. As for how much more than that, I don’t know. It really does depend on what happens. It’s really dependent on exactly who’s running where for what, and these things are super contingent.”

The FTX chief, who is known to be a pro-democrat, was among the top largest donors for the Joe Biden presidential campaign; to help Biden displace President Donald Trump, he donated $5.2 million.

He was questioned on whether he would be prepared to contribute $1 billion should the immediate past president, Donald Trump, decide to contest again; the FTX chief responded by saying this figure “is a decent thing to look at.”

“I would hate to say hard ceiling because who knows what’s going to happen between now and then — but at least sort of as a soft ceiling,” he said.

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According to a website that tracks campaign finance and lobbying, Opensecrets, a donation of $1 billion would be the largest contribution to the US election in the history of the country, displacing Sheldon and Miriam Adelson record’s donation of $218 million to the republicans and Michael Bloomberg’s $152 million contributions to the Democrats.

With Donald Trump endorsing candidates across the country, coupled with political reports across the country, Donald Trump is likely to contest in the coming US election. In a recent interview with Piers Morgan, he said, “I think a lot of people are going to be very happy,” when asked about a White House rerun.

Will Bankman-Fried’s billions make the coming election more predictable? 

Even though the crypto chief has financial resources at his disposal, his $11 million donations to Carrick Flynn’s campaign didn’t see Flynn winning the election against the Democratic candidate, Andrea Salinas in Oregon.

In 2020, he also donated up to $5.2 million in political funding to support Biden’s campaign. Despite his concern for the success of candidates he believes in, his political ventures have been drawing criticism from some quarters, especially on the increasing roles crypto has been playing while making policy.

Watchdog Revolving Door Project told Politico: “They want to work with lawmakers, but the goal is to create legislation that would absolve them of any current violations of securities law.”

Should Bankman-Fried come up with this record contribution, do you think it will have a significant effect? Do you think it will influence legislation to favor the crypto community? Kindly comment your thoughts below.

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