The Protect Our Future group is one of the super PACs that received donations from Bankman-Fried.
FTX founder Sam Bankman-Fried contributed $16 million to super PACs (Political Action Committees) last month, with the US midterm primaries at the peak of their activities.
Super PACs get together to support or offend a political candidate. This entity is a variation of a PAC, which was initially introduced in 1944. A super PAC gets donations from external contributors to encourage its motive.
In that context, the Federal Election Committee announced that Bankman-Fried is among the major donors to the group, except for political groups that have given donations to super PACs. In front of the crypto enthusiast is hedge fund billionaire George Soros, who gave a contribution of $125 million. Soros financed Democracy PAC II, which also finances other committees it supports.
Bankman-Fried Is A Top Donor With The $16M Contribution
The Federal Election Committee report showed that the Protect Our Future group is one of the super PACs that got donations from Bankman-Fried. This super PAC received $10 million from the billionaire to further its vision of supporting candidates who can assist in averting another pandemic.
Already, this entity has spent close to $19 million in swaying election primaries in Democratic House races. Until now, its most notable contribution was $10.5 million, in favor of US House Oregon District 6 Candidate Carrick Flynn.
Regardless of the efforts, Flynn lost the primary to Andrea Salinas, who is out to go down in history as the first Latino woman elected to Congress if she wins the November election. Protect Our Future also supported Lucis Bath, a Democrat from Georgia, with $1.9 million.
House Majority PAC is also among the super PACs Bankman-Fried funded. The crypto company CEO donated $6 million to the group to encourage its effort to back House Democrats.Buy Bitcoin Now
Crypto leaders see the super PAC as a way to sway pro-crypto politicians. A group of crypto magnates, including Ryan Salame, the co-CEO of FTX’s Digital Markets, also founded GMI PAC. This group intends to acquire $20 million to lobby for congressional candidates. The chair of the Blockchain Association, Kristin Smith, said:
“The crypto industry is proud to support elected officials who believe in the true potential of the crypto economy in the US. And we’re not shy, as an industry, to say and support what we value, and that includes political giving.”
In 2020, Bankman-Fried was one of the key contributors to Joe Biden’s campaign with more than $5 million.
Bankman-Fried’s Constant Concern for Crypto Regulation
The crypto billionaire has constantly displayed concern for crypto regulation in the United States. While speaking to the Economic Club of New York in February, he requested crypto education to be provided for all Americans.
Bankman-Fried maintains that people need to make knowledgeable decisions, especially in investments. He highlighted that crypto has many risks, and the US government must initiate regulatory plans.
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