Sam Bankman-Fried, FTX Team Among Top Political Donors Before Bankruptcy

FTX founder Sam Bankman Fried and his team rose from relative obscurity in Washington to become the largest fundraisers in US politics, raising more than $70 million in less than 18 months. Helped in election campaigns.

Mr. Bankman-Fried has personally given $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations. follows Ryan Salem, another top FTX executive, has donated more than $23 million, mostly to Republican and conservative groups.

Contributions by FTX officials to federal political candidates

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Contributions by FTX officials to federal political candidates

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Contributions by FTX officials to federal political candidates

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Contributions by FTX officials to federal political candidates

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Along with FTX shares, crypto became one of the biggest spending industries in politics during the last election cycle, with campaign funding exceeding the defense and auto industries, according to the Center for Responsive Politics. FTX’s financial collapse came in the same week as the midterm elections, following the resignation of Mr. Bankman Fred.

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“I won’t pass judgment until we see what the details are.” said Tom Emmer (R. Minn.), one of dozens of politicians whose campaigns have received money from FTX and its executives over the company’s behavior. Leads to bankruptcy filing. He said Mr Bankman Fred was a “very likeable young man”.

FTX-related political donations account for most of the crypto industry’s spending.

Major FTX earners included official campaigns and fundraising committees affiliated with any political party, as well as PACs. The biggest single recipient was Protect Our Future, a group that said it is “an organization that helps elect candidates who will be champions for preventing the pandemic,” but it also supports pro-crypto candidates, official information right The group received $27 million from Mr. Bankman Fred and an additional $1 million from FTX executive Nishad Singh.

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Mr. Bankman-Fred, chairman and ranking member of the Senate Agriculture Committee, personally contributed the maximum $5,800 to Sens. Debbie Stabeno (D., Mich.) and John Bozeman (R., Ark.), respectively. This past summer, Sens. Kirsten Gillibrand (D., N.Y.), Cory Booker (D., N.J.), Lisa Murkowski (R. ., Alaska) and Susan Collins (R., Maine), among others, as well as dozens of House candidates.

Mr. Bankman-Fred was the second-highest overall donor to Democrats during the election cycle, behind only George Soros, according to the Center for Responsive Politics. Mr. Salam was the No. 11 overall fundraiser for Republicans.

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

Messrs. Bankman Fred and Singh gave a combined $3 million to Senate Majority PAC, a group associated with Senate Majority Leader Chuck Schumer (D., N.Y.). Mr. Bankman-Fred donated $6 million to House Majority PAC, a group aligned with House Speaker Nancy Pelosi (D., Calif.), and $2 million to GMI PAC, which supports crypto for congressional candidates. Funded.

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

A spokeswoman for Ms. Gilbrand said she donated the money she received from Mr. Bankman Fred to a nonprofit in the Bronx. A spokeswoman for Mr. Mnuchin said he donated it to a food bank in West Virginia. Representatives for Mr. Bozeman and Ms. Collins said they plan to donate Mr. Bankman’s money to charity.

A spokesman for Ms. Pelosi referred questions to House Majority PAC, 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.

American Dream Federal Action Representatives, Senate Leadership Fund, Congressional Leadership Fund, Messrs. McConnell, McCarthy, Emer O’Booker and Moses. Stabino and Murkowski did not respond to requests for comment.

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

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