FTX CEO Sam Bankman-Fried has revealed that he has donated millions of dollars to support bipartisan politicians in an effort to attract more crypto allies.
In a tweet Saturday, Bankman-Fried said he was “a significant donor” in both the Republican and Democratic primaries, “supporting constructive candidates erected across the aisle to contain the pandemic and bring a bipartisan atmosphere to DC.”
The billionaire also revealed that he has signed up for campaigns to accept cryptocurrencies and give them to politicians, of course, if they accept. “If you want to contribute crypto, contact your elected officials and ask if they accept; FTX is happy to sign up with them!” he say.
The announcement comes just days after the SBF mentioned his statement regarding his plans to spend up to or even more than $1 billion in political donations in the run-up to the US presidential election. 2024 as a “stupid quote”, saying he was sloppy.
Bankman-Fried has spent nearly $40 million on political action committees and campaigns this year, much of which has gone to Democrats and their candidates. He is one of the biggest donors behind Joe Biden’s successful 2020 presidential campaign.
Cryptocurrency execs campaign for donations ahead of midterm elections
Cryptocurrency executives and crypto companies have dramatically increased their political spending ahead of the midterm elections, betting that a friendlier Congress will help protect it from a crackdown prescribed pressure.
According to a report by the Wall Street Journal, crypto companies poured a whopping $73 million into the 2022 election, up from $13 million in the 2020 cycle. Moreover, the industry This company spent $15 million on lobbying in the first nine months of this year, more than the previous eight years combined.
After the company of Democratic Representative George Soros and cardboard box maker Uline, SBF’s FTX became the third-largest contributor to the 2022 campaign.
“These midterms are the most important elections for this crypto community,” said Hised Wong, director of policy at Coinbase, the largest U.S. crypto exchange. “We believe that the legislators who will come in this cycle will be able to eventually draft legislation to govern this space.”
Notably, there have been several crypto allies in Congress. For example, members of Congress from both parties have introduced bills that the crypto industry wants passed.
As reported, US Senators Patrick Toomey and Kyrsten Sinema teamed up at the end of July to promote tax exemptions for crypto users making small investments or purchases, up to $50 each.