One of the super PACs that received donations from Bankman-Fried is the Protect Our Future group.
FTX founder Sam Bankman-Fried donated $16 million to super PACs (Political Action Committees) in April, with the US midterm primaries at the peak of activities. Super PACs come together to support or antagonize a political candidate. This entity is a variation of a PAC, which was firstly introduced in 1944. A super PAC receives donations from external contributors to support its motive. The Federal Election Committee revealed that Bankman-Fried is one of the top donors to the group, apart from political groups that have contributed to super PACs. Ahead of the crypto enthusiast is hedge fund billionaire George Soros, who donated $125 million. Soros funded Democracy PAC II, which also funds other committees it supports.
Bankman-Fried Becomes One of Top Donors with $16M Contribution to Super PACs
According to the Federal Election Committee report, one of the super PACs that received donations from Bankman-Fried is the Protect Our Future group. This super PAC got $10 million from the billionaire to foster its vision of supporting candidates who can help prevent another pandemic. Already, this entity has spent about $19 million in influencing election primaries in Democratic House races. So far, its most significant donation was $10.5 million, in support of US House Oregon District 6 Candidate Carrick Flynn.
Despite the efforts, Flynn lost the primary to Andrea Salinas, who is out to make history as the first Latino woman elected to Congress if she wins the November election. Protect Our Future also backed a Democrat from Georgia, Lucis Bath, with $1.9 million. House Majority PAC is also one of the super PACs Bankman-Fried funded. The crypto company CEO gave the group $6 million to support its effort to back House Democrats.
Crypto leaders see the super PAC as a way to influence pro-crypto politicians. A group of crypto magnates, including the co-CEO of FTX’s Digital Markets, Ryan Salame, also established GMI PAC. This group plans to secure $20 million to lobby for congressional candidates. The head of the Blockchain Association, Kristin Smith, said:
“The crypto industry is proud to support elected officials who believe in the true potential of the crypto economy in the US. And we’re not shy, as an industry, to say and support what we value, and that includes political giving.”
Back in 2020, Bankman-Fried was among the top contributors to Joe Biden’s campaign with over $5 million.
Bankman-Fried’s Continuous Concern for Crypto Regulation
The crypto billionaire has continually shown concern for crypto regulation in the US. In an interview with the Economic Club of New York in February, he called for crypto education for Americans. He believes that people need to make informed choices, especially regarding investments. He emphasized that crypto has a lot of risks, and the US government must begin regulatory plans.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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