SBF and FTX Back Off their Hands To Donate: Trouble at Crypto Political Funding

Sam Bankman-Fried is known for his FTX company, but he is one of the biggest political donors in the United States. In the past year, Sam Bankman has funded the political candidates and campaigns of the United States, but in 2022 Sam Bankman faced a lot of market turmoil between FTX and Binance, and this time all the situations seem changed. 

  • Sam Bankman Fried, the second-largest donor after George Soros 
  • SBF donate $70 million of funds in the 2021-2022 election cycle.

SBF contributions

SBF ranked 6th in overall contributions and contributed $39,826,856. According to the open secrets, Sam Bankman-Fried and the FTX executives have spent more than $70 million, and SBF himself has spent $40 million in the US election cycle of 2021/2022. 

There are better times for the pro-crypto political candidates. This time, the situation is changed for a pro-crypto political candidate without his biggest donor. In support of influencing the 2024 presidential election campaigns, he said he would spend $ 1 billion. But the conditions made him back off from his statement.

Sam Bankman-Fried also supports the Political Action Committee (PAC). SBF spent more than $27 million in support of Democrat candidates when the PAC was set up in January 2022. In the current election cycle, Political Action Committee declared 25 Democrats, and 18 of them won their respective congressional races. 

George Soror: The Philanthropist 

Sam Bankman was known for his great support to the pro-crypto political candidates, and George Soros is also one of the biggest philanthropists. They donate in the United States 2021/2022 election cycle. His name is in the 1st position in the contribution of funds in the United States 2021/2022 election cycle.

George Soros is an investor and Hungarian-American Businessman. He is known for his big investment and is one of the leading business personalities in the world. But he is also known as the biggest philanthropist. According to the data for 2021, he had a net worth of $8.6 billion and has donated more than $32 billion to the Open Society Foundations.

George Soros contributed $128,485,971 in the 2021/2022 US election cycle, ranking him one in the donation according to the report of Open Secretes. Forbes, an American business magazine, called him the ‘most generous giver.’

Conclusion 

Sam Bankman-Fried has supported many political parties and campaigns. But as of now, SBF is in big turmoil between FTX and Binance. This is one of the reasons for backing off from his deeds. Sam Backman is the Businessman first and, after that, the supporter of the political parties. 

He made his choice clear about what to manage first. 

   

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