The founder of FTX made his once more in the crypto market this week, but not thru a new product or token launch.
Sam Bankman-Fried donated over $5M to Biden’s election campaign, making him the second-largest donor after Michael Bloomberg.
“Biden’s top contributor after Bloomberg was Sam Bankman-Fried, the Hong Kong-based CEO of cryptocurrency derivatives exchange FTX. A relative newcomer to political spending, he gave $5.2 million to the effort,” the report stated.
In total, Biden’s presidential bid has received $79.5M from the top 100 donors that described themselves as “CEOs.” However, the current President, Donald Trump, has seen $75M donated to his campaign by a similar demographic.
It was the financial players that donated the most to the campaigns ahead of other industries. Financial CEO donated $13M to Biden and $11.7 to Trump.
Crypto’s Role in the US
The donations may allow the politicians to sit up and take notice of the business leaders that donate to their cause and offering a hint of how the executives see the stakes and the opportunities.
It has been suggested that if Biden’s presidential campaign were to be a success, the officials were bound to take note of the donors and invite some conversation.
Autism Capital suggested Bankman-Fried’s donations were an extension of his interests in shaping the US policy around the cryptocurrencies.
Temporarily, Adam Cochran, partner at Cinneamhain Ventures, said:
“To be fair it was a donation from the company to a super PAC based out of Silicon Valley that was focused on many down-ticket races. That can be either top ticket support or corporate lobbying.”
Bankman-Fried’s donation is a historic move for the crypto personalities and representation in the US.