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Sam Bankman-Fried will spend up to 1 billion dollars to influence the US election in 2024

Billionaire founder and CEO of crypto exchange FTX Sam Bankman-Fried has revealed that he plans to spend between $100 million and $1 billion to help influence US presidential election campaigns. Period 2024.

In a podcast interview on May 24, Sam Bankman-Fried was asked how much money he could raise in the next Presidential election, to which he replied that he would give “more than $100 million.” dollars” with a “ceiling” of $1 billion.

According to government watchdog OpenSecrets, a $1 billion donation would break existing records several times over.

The biggest individual political donors are currently Republican business owners Sheldon and Miriam Adelson, who spent $218 million in 2020.

Sam Bankman-Fried went on to say that he will likely share the money with multiple institutions.

He said one of the most important issues for him is preventing the next pandemic, which he says will cost “tens of billions of dollars“.

The United States has both a great opportunity and a great responsibility to the world in leading the West in a strong but responsible manner,” adding that everything the United States does has “major effects on the future.

Previously, Bankman-Fried has donated millions of dollars to politicians, contributing $ 5.2 million to President Joe Biden’s 2020 campaign.

He also supported the Political Action Committee (PAC) established in January 2022, which by April had spent $9 million to support Democratic candidates.

However, there could be a situation where Bankman-Fried decides not to donate any money, even though he considers it “very low“:

“There is a world that will be close to zero if everything goes so smoothly that I am not very interested.”

Another crypto exchange, Coinbase, is also lobbying for policies in favor of cryptocurrencies. In 2021, Coinbase is the top-spending blockchain company on lobbying with over $1.3 million.