October 2, 2022

FTX Derivatives Exchange’s Chief Executive Officer Sam Bankman-Fried has doubled down in his donations to Super Political Action Committees (PACs), with a total donation of $16 million in April.

Source: news.coincu.com
Source: news.coincu.com

As reported by Bloomberg, the donations were made in two tranches of $10 million and $6 million respectively.

The $10 million donations were given to Protect Our Future, a Super PAC that has a commitment to super candidates that have promises to help prevent the next pandemic.

As the mid-term elections are approaching, the PAC has spent as much as $19 million to back Democratic candidates, including Carrick Flynn. Flynn ran for an open seat in Oregon’s 6th Congressional District but lost the primaries to Andrea Salinas, a state lawmaker who, according to Bloomberg could be Oregon’s first Latino woman elected to Congress should she win the seat in November.

The donated $6 million were given to a PAC connected to House Speaker, Nancy Pelosi dubbed The House Majority PAC. The donated funds have earned Bankman-Fried the highest donor to the PAC in April. This election season, Sam Bankman-Fried who has seen his net worth slashed by almost half to $11.3 billion in the wake of the current crypto market onslaught has donated a total of $31.5 million thus far.

Back in 2020, the FTX boss was the VIP amongst the biggest donors to President Joe Biden’s campaign and earned him his reputation as one of the top crypto investors with active engagement in American politics.

The mid-term elections, as with other mid-terms are a very pivotal one in the United States, and this time around, the Democrats will be looking to either maintain or extend the majority leader in the House. With a crypto representation joining hands to fund candidates, it is indicative of the role of crypto in seeking the common societal good.