Sam Bankman-Fried could spend up to $1B for the next US Presidential candidate

Sam Bankman-Fried is looking to dive deeper into politics when he announced his willingness to spend heavily on the pro-crypto US Presidential candidate.

Bankman-Fried, the 30-year-old founder of the cryptocurrency exchange FTX, said in a podcast interview released Tuesday that he expects to give “north of $100 million” in the next presidential election and has a “soft ceiling” of $1 billion, with his spending likely to be on the higher end of former President Donald Trump runs again.

A $1 billion donation would break existing records multiple times over, according to the government watchdog OpenSecrets, which analyzes data on campaign funding and lobbying. Sheldon and Miriam Adelson, Republican business entrepreneurs, are now the greatest individual political donors, spending $218 million in 2020.

Earlier, in the 2020 U.S. Presidential election between Donald Trump and Joe Biden, Sam Bankman-Fried put in $5.2 million and donated to Biden’s campaign, who ultimately won and became the 46th President of the United States.

The Biden administration has since repeatedly expressed its desire to build a regulatory framework for the crypto industry in the U.S. culminating in the November 2021 Financial Advisory Group report to the President on stablecoins and the Executive Order. Cryptocurrency legislation was signed by Biden himself in February 2022.

FTX exchange also emerged following the 2020 election by creating “bet” contracts on whether Mr. Trump will have a second term or Mr. Biden will become the new owner of the White House, attracting a lot of attention from investors.

Bankmanis said to be the second richest person in the cryptocurrency industry with a fortune of up to $20 billion. Mr. Bankman-Fried revealed that he “gave away” $200 million of this, with $23 million being spent on a political advocacy organization in early 2022. The CEO in October 2021 denied the FTX information will establish a lobbying “super-organization”.

“I think that I’m going to be looking a lot less at political parties from that perspective and a lot more about sane governance and ads for the things that I care the most about.”

In December 2021, Sam Bankman-Fried participated in the U.S. House of Representatives hearing on cryptocurrencies. The CEO also stated that part of the reason for moving FTX’s headquarters from Hong Kong to the Caribbean island nation of Bahamas is to make it easier to move back and forth with the U.S.

FTX is showing a clear pivot to the U.S. market when it established and conducted a huge capital call for its sub-exchange, FTX.US, opened the NFT market for FTX.US as well as conducted many “huge” funding deals with sports organizations of the flag country.

Many other major U.S. crypto companies such as Coinbase, Circle (the issuer of USDC), Dapper Labs (behind blockchain Flow), Stellar, etc. are also actively lobbying to clear the way in the U.S.

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