SBF’s remarks came days after he gave Super PACs $16 million.
Sam Bankman-Fried, the CEO of bitcoin derivatives exchange FTX, predicts he will donate between $100 million and $1 billion during the 2024 presidential election campaign in the United States.
Donation for the US Presidential Election of 2024
SBF said he would spend “north of a $100 million” in a recent podcast interview with American Journalist Jacob Goldstein. When asked if his donation’s maximum bound figures would be around $1 billion, the executive stated it was feasible and referred to it as a “soft ceiling.” He went on to say that he doesn’t know how much more there is. It is entirely dependent on what occurs. It all depends on who is running where and for what (..) Yes, he thinks that’s a good thing to look at as a type of…he hates to say hard ceiling, but at least as a soft ceiling, he’d say, yes.
SBF, a relative newcomer to political spending, gave $5.2 million to President Joe Biden’s 2020 campaign, making it the second-largest donor. Biden’s campaign got $79.5 million from his top 100 donors, compared to $75 million for Donald Trump.
More recently, the crypto CEO donated more than $10 million to Carrick Flynn, a Democratic congressional primary candidate in Oregon. However, the candidate was defeated by a large margin.
Spending by Political Action Committees (PACs)
In April of this year, the FTX CEO reportedly spent $16 million on political outside spending groups. Protect Our Future received $10 million of the total, with the remaining $6 million going to the House Majority PAC, linked to House Speaker Nancy Pelosi. According to Bloomberg, the executive has already spent $31.5 million in this election cycle.
Beyond his political spending, Bankman-Fried said his major concern is pandemic preparedness. When asked if a specific outcome in crypto regulation is part of what he expects from the political donation, he answered, “That is not a significant part of it,” without more detail.