FTXs Sam Bankman-Fried regrets dumb quote about giving $1 billion to political races
Summary
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Thursday, Oct. 13, 2022. In May, the 30-year-old said on the Pushkin Industries podcast, "Whats Your Problem," that he expected to give "north of $100 million" in the next presidential election and had a "soft ceiling" of $1 billion. Instead, Bankman-Fried has reportedly invested around $40 million in political action committees and campaigns this year in the run-up to midterm elections, with most of that money going to Democratic candidates. The quant trader-turned-CEO has bailed out multiple crypto firms to protect against a wider contagion effect across the sector, and Bankman-Fried told CNBC in September that FTX still has another $1 billion to deploy. Last month, for example, the Biden White House released its first-ever framework on what crypto regulation in the U.S. should look like — including ways to crack down on fraud in the digital asset space.
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