FTX Billionaire CEO Samuel Bankman-Fried Contributes $31.5M to Super Political Action Committees In this election cycle.
With the US midterm primary in full swing, crypto’s golden boy Sam Bankman-Fried has joined the likes of George Soros in promoting or advocating for their defeat on super-political action committees, institutions, and specific political candidates. . The Super PAC is a variation of the PAC, first introduced in 1944. In PACs, funds are raised to select and defeat political candidates without having to contribute money directly to the candidates or their parties. A Super PAC differs from a PAC by not limiting contributions from outside donors.
Crypto executives see the Super PAC as an opportunity to lobby for the election of crypto-friendly officials. In April, the CEO of FTX contributed $10 million to a Super PAC, Protect Our Future, supporting candidates seeking to avert the next pandemic. So far, Protect Our Future has donated $19M to the Democratic House race, paying $10.5 million to support Carrick Flynn, who was vying for a seat in Oregon’s 6.th Congressional District but lost the primary to Andrea Salinas. Protect Our Future has also backed Lucia Bath, a Democrat from Georgia, with $1.9M and six additional candidates. Bankman-Fried donates $6M to the House Majority PAC, Super PAC to Support House Democrats.
Bankman-Fried Leads Crypto Lobbying Efforts
Bankman-Fried’s total contribution to Super PACs in the current election cycle is $31.5 million, behind hedge fund billionaire George Soros, who contributed $125 million to Democracy Pac II, a committee he uses to distribute funds to other entities. does for. Banksman-Fried overtook Republican Richard Uehlen, who, together with his wife Liz, has raised just under $31.5 billion.
A group of crypto financiers including FTX Digital Markets co-CEO Ryan Salem have also founded the GMI PAC, which aims to raise $20M to promote congressional candidates. “The crypto industry is proud to support elected officials who believe in the true potential of the crypto economy in America,” said Kristin Smith, head of the Blockchain Association, a crypto trade group. And we are not ashamed, as an industry, for saying and supporting what we value, and that includes political giving. ,
PAC used to do to politicians too
The Financial Freedom PAC (or “Bitcoin PAC,” according to the website) is being used to oust Republican Brad Sherman, D-Cal. By supporting an elementary school teacher, and a believer that bitcoin is the key to the democratization of finance.
Grant McCarty, one of the founders of the Financial Freedom PAC, told CNBC earlier this month, “This is not a short-term game for us. The fight for bitcoin is going to be a marathon, not a sprint. 2022 is just the beginning.” In 2024, I really think we’re going to see an orange wave over Washington.