November 30, 2022

NasdaqNewsUpdates

Complete News World

Sam Bankman-Fried, FTX team among major political donors before bankruptcy

Sam Bankman-Fried, FTX team among major political donors before bankruptcy

FTX founder Sam Bankman Fred and his team members have risen from relative obscurity in Washington to be among the… biggest donors In American politics, he has contributed more than $70 million to election campaigns in less than 18 months.

Mr. Bankman Fried personally gave $40 million to politicians and political action committees before 2022 midterm electionsMost are for Democrats and liberal-leaning groups, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations. Ryan Salameh, another senior FTX executive, has donated more than $23 million, primarily to Republican and conservative groups.

Donations to Federal Political Candidates by FTX Officials

Sam Bankman Fried

(Founder)

Toxic

banking-

fried

(Founder)

Donations to Federal Political Candidates by FTX Officials

Sam Bankman Fried

(Founder)

Toxic

banking-

fried

(Founder)

Donations to Federal Political Candidates by FTX Officials

Sam Bankman Fried

(Founder)

Sam Bankman Fried (Founder)

Donations to Federal Political Candidates by FTX Officials

encryption-

Currency

industry

Sam Bankman

-fried

(Founder)

Sam Bankman Fried (Founder)

Thanks to the contributions of FTX, cryptocurrency has become one of the largest industries spent in politics during the last election cycle, with campaign donations exceeding those of the defense and automotive sectors combined, according to the Center for Responsive Politics. FTX’s financial collapse It unfolded the same week as the midterm elections, followed by the resignation of Mr. Bankman-Fred.

“I’m not going to pass judgment until we see the details,” Rep. Tom Emmer (R., Minn.), one of dozens of politicians whose campaigns have received money from FTX and its executives, said of the company’s conduct. This led to its declaration of bankruptcy. Mr. Bankman Fred, he said, is “a very likeable young man”.

See also  Second Richest Crypto Billionaire Issues Dire Warnings, Says More Digital Asset Firms Will Collapse: Report

Political donations related to FTX accounted for most of the crypto industry’s spending.

Recipients of FTX largesse have included official campaigns and fundraising committees of either political party, as well as PACs. The largest single recipient, the official data showed, is Protect Our Future, a group that said it was “an organization designed to help elect candidates who will be champions of pandemic prevention,” but also supported pro-crypto candidates. The group received $27 million from Mr. Bankman Fareed and an additional $1 million from Nishad Singh, CEO of FTX.

Federal Political Donations, by FTX official

Nishad Singh Engineering Director

Toxic

banking-

fried,

Founder

National Democratic Party

Democratic candidates $0.2

Ryan Salameh

first

executive

Republican candidates $0.2

National Republican Party $0.2

National Democratic Party

Nishad Singh

Engineering Director

Federal Political Donations, by FTX official

Sam Bankman Fried, Founder

National Democratic Party

Democratic candidates $0.2

Republican candidates $0.2

Ryan Salameh senior executives

National Republican Party $0.2

democratic

patriotic party

Federal Political Donations, by FTX official

Sam Bankman – fried

Founder

Ryan Salameh

senior executives

Nishad Singh Engineering Director

Federal Political Donations, by FTX official

Sam Bankman – fried

Founder

Ryan Salameh

senior executives

Nishad Singh Engineering Director

Mr. Bankman-Fried personally contributed a maximum of $5,800 to Sens. Debbie Stabenow (D-Mich.) and John Bozeman (R-I introduced a bill last summer that would give FTX a path toward regulatory compliance in the U.S. He also made maximum donations to Sen. Kirsten Gillibrand (D., NY), Cory Booker (D., NJ), Lisa Murkowski (R., Alaska) and Suzanne Collins (R., Maine), among others, as well as dozens of House candidates.

See also  Bored Monkey Yacht Club is causing Ethereum fees to skyrocket

Mr. Bankman-Fried was the Democrats’ second largest donor in the election cycle, behind only George Soros, according to the Center for Responsive Politics. Mr. Salameh was the Republicans’ 11th donor.

FTX officials have also contributed to groups associated with national Republican and Democratic organizations, as well as congressional leaders.

Messrs. Bankman Fried and Singh together gave $3 million to the Senate Majority PAC, a group affiliated with Senate Majority Leader Chuck Schumer (D., NY). Mr. Bankman-Fried also donated $6 million to the House Majority PAC, a group allied with the Speaker.

Nancy Pelosi

(D., Calif.), and $2 million to the GMI PAC, which has funded congressional candidates supporting cryptocurrency.

Direct contributions from Sam Bankman-Fried

for members of Congress in the 2022 session

Direct contributions from Sam Bankman-Fried

for members of Congress in the 2022 session

Mr. Salameh donated $15 million to the American Dream Federal Action Fund, which has contributed to Republican candidates. He contributed $2.5 million to the Senate Leadership Fund, which is associated with Republican leader Sen. Mitch McConnell of Kentucky, and $2 million to the Congressional Leadership Fund, which is associated with House Minority Leader Kevin McCarthy (R., CA).

A spokesperson for Ms. Gillibrand said she donated the money she received from Mr. Bankman Fried to a non-profit organization in the Bronx. A spokeswoman for Mr. Manchin said he donated it to a food bank in West Virginia. Representatives for Mr. Bozeman and Ms. Collins said they plan to give Mr. Bankman-Fried’s money to charity.

A spokesperson for Ms. Pelosi referred questions to the House majority, which did not respond to a request for comment. Mr. Schumer did not respond to a request for comment, and the Senate majority PAC declined to comment.

See also  Wall Street closed lower as Fed fears outweighed profits

Representatives of the American Dream Federal Action, Senate Leadership Fund, and Congressional Leadership Fund, Messrs. McConnell, McCarthy, Emmer, Booker, and Ms. Stabenow and Murkowski did not respond to requests for comment.

write to Paul Kiernan at [email protected] and Stephanie Stamm at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All Rights Reserved. all rights are save. 87990cbe856818d5eddac44c7b1cdeb8