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SBF Made $70 Million Donation for the Midterms: Who Were the Main Beneficiaries?

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Just a few days ago, the cryptocurrency world took a massive hit following the bankruptcy of FTX, the world’s second-largest cryptocurrency exchange company. Recently, however, FTX made headlines again, this time for Sam Bankman-Fried’s (SBF) donations to midterms.  

As it turns out, according to data from the Center for Responsive Politics, a nonpartisan group that tracks campaign donations, SBF, the founder and former head of the firm, was one of the largest political donors in the 2022 midterms.

Specifically, he ranked as the second largest Democratic donor, after George Soros, and, in total, contributed more than $70 million to election campaigns in less than 18 months.

According to information from the aforementioned nonpartisan group, Bankman-Fried personally delivered $40 million to politicians and political action committees ahead of the 2022 midterm elections, primarily to Democrats and liberal-leaning groups.

Bankman-Fried Made $70 Million Donation to Midterms: Who Were the Main Beneficiaries?
Washington (US), 17/11/2021.- Speaker of the House Nancy Pelosi (L) chats with Senate Majority Leader Chuck Schumer (R) while the two attend a press conference on the Build Back Better Bill outside the US Capitol in Washington, DC, USA, 17 November 2021. Pelosi says she hopes to vote on the bill this week. EFE/EPA/JIM LO SCALZO

On the other side of the coin is Ryan Salame, another top FTX executive, who donated more than $23 million, but mostly to Republicans and conservative groups.

These figures made the cryptocurrency industry the largest contributor to political campaigns during the last election cycle, surpassing the defense and automotive industries combined.

Where did Bankman-Fried’s money go?

The largest individual recipient was Protect Our Future, an “organization designed to help elect candidates who will be champions for pandemic prevention,” but proxy candidates were also supported, according to the data. In this case, the group received $27 million from Mr. Bankman-Fried and an additional $1 million from Nishad Singh, an FTX executive.

Some congress members from both parties benefited from the businessman’s generosity, including Debbie Stabenow (D- Mich), Tom Emmer (R-MN), Kirsten Gillibrand (D-NY), Cory Booker (D-NJ), Lisa Murkowski (R-Alaska), Susan Collins (R-Maine) and John Boozman (R-Ark).

Lastly, as for the political action committees benefited, the ones related to Chuck Schumer and Nancy Pelosi stand out, as well as, but to a lesser extent, groups related to Mitch McConnell and Kevin McCarthy.

Joaquín Núñez es licenciado en comunicación periodística por la Universidad Católica Argentina. Se especializa en el escenario internacional y en la política nacional norteamericana. Confeso hincha de Racing Club de Avellaneda. Contacto: [email protected] // Joaquín Núñez has a degree in journalistic communication from the Universidad Católica Argentina. He specializes in the international scene and national American politics. Confessed fan of Racing Club of Avellaneda. Contact: [email protected]