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HomeNewsSam Bankman-Fried's downfall deprives Dems of key donor

Sam Bankman-Fried’s downfall deprives Dems of key donor

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The explosive demise of crypto large FTX, led by billionaire Sam Bankman-Fried, could have an outsized influence on politics — snuffing out the wealth of a budding potential Democratic megadonor.

Bankman-Fried was the second-largest Democratic donor this election cycle by a longshot, in line with essentially the most not too long ago accessible marketing campaign finance knowledge from the Federal Election Fee, second solely to philanthropist George Soros.

He donated greater than $39.7 million to primarily Democratic causes throughout the 2022 federal election cycle, together with six-figure checks to the Democratic Nationwide Committee and the Senate Democrats’ important tremendous PAC, in addition to $6 million to the tremendous PAC main Democrats’ efforts to carry the Home.

The one Democratic donor to provide extra final cycle was philanthropist George Soros, whose $129 million dwarfed Bankman-Fried’s.

In reality, Bankman-Fried about as a lot as Democrats this cycle than every of the next-largest Democratic donors mixed — Illinois businessman Fred Eychaner and Indiana philanthropist Deborah Simon.

However whereas Bankman-Fried had mused in regards to the thought of spending tons of of hundreds of thousands of {dollars} — maybe even a billion {dollars} — on the upcoming presidential election, these predictions could also be in jeopardy primarily based on the newest developments

Earlier than the downfall of his cryptocurrency trade, Bankman-Fried joined “Meet the Press Studies” for a particular episode on America’s wealthiest political donors, the place he outlined his hope to “assist nice public servants.” He had mentioned his aim was to “do that in a bipartisan method,” however this cycle had given 90% of his cash towards Democratic causes.

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