FTX CEO Sam Bankman-Fried to Donate up to $1B for US Elections

  • Sam Bankman-Fried pledged to donate over $100 million in the 2024 US election.
  • The donation could reach up to $1 billion, depending on the candidates and their policies.
  • Crypto industry donors spent up to $30 million since the 2020 elections.

Sam Bankman-Fried, the CEO and founder of FTX, claims that he could donate more than $1 billion in the 2024 US presidential election. According to CNBC, Bankman-Fried disclosed his expenditure plans in a podcast interview “What’s Your Problem?” 

The top executive said he’s looking forward to donating “north of $100 million,” with a “soft ceiling” of $1 billion for the 2024 elections. He pointed out:

I would hate to say hard ceiling, because who knows what’s going to happen between now and then.

Furthermore, he will be going to decide the exact donation amount “dependent on exactly who’s running, where, [and] for what.”

According to the data from Open Secrets mentioned by CNBC, the Republican entrepreneurs Sheldon and Miriam Adelson hold the record for the largest single US political donors, which spent up to $218 million in 2020. The $1 billion donations would undoubtedly make Bankman-Fried the biggest political donor in a single election.

The young American entrepreneur, billionaire, and investor is not new in spending for political donations. He became popular for providing the second-largest donation of $5.2 million to Joe Biden’s November 2020 US elections campaign. Bankman-Fried has spent a total of $20 million for US elections up to date.

Open Secrets revealed that donors within the crypto industry spent a total of $30 million since the series of elections in 2020.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.