The CEO of crypto exchange FTX has changed his decision to financially support US presidential candidates in 2024, calling his previous statement stupid.
Sam Bankman-Fried, the head of the largest derivatives crypto platform, said that his experience in financing political spending during the primaries led him to reassess the strategy:
"At some point, when you get your message across to voters, there's nothing you can do about it."
The businessman admitted that he did not have enough experience to understand all the intricacies of political issues.
“I think advance voting is more important. Frankly, I could try to lobby for pandemic initiatives in the presidential election. But most voters will say: “That's cool, but I'm a Democrat” or “I'm a Republican and I have other goals,” says the head of FTX.
Bankman-Fried raised about $40M ahead of the 2022 midterm elections. Through PAC Protect Our Future, he donated about $28 million to the campaign. Most of the funding went to US Democratic candidates. More than $10 million of PAC donations went to Democratic congressional candidate Carrick Flynn of Oregon, who lost in May. Flynn and Bankman-Fried together actively support the movement for effective altruism and the corresponding school of thought.
FTX is now actively investing money, supporting and absorbing crypto companies affected by the crisis. Late last month, reports surfaced that FTX was considering acquiring the assets of bankrupt crypto lender Celsius. In the same week, Bankman-Fried allocated $1.4 billion to buy the bankrupt crypto investment company Voyager Digital, in June he spent $250 million to save BlockFi crypto broker. Last month, Bankman-Fried said he was ready to spend $1 billion to save the crypto industry.
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