FTX chief to spend more than $100 million on US presidential elections

FTX, the cryptocurrency derivatives exchange, CEO Sam Bankman-Fried said he would devote substantial funds to campaigns related to the 2024 U.S. presidential elections. He said this in the What’s Your Problem? podcast with Jacob Goldstein.

According to the head of FTX, he plans to donate more than $100 million over the course of the entire electoral cycle.

“Regarding how much more, I don’t know. … It really depends on who, where and what they run for. … I will pay much less attention to a political party from this standpoint and much more to prudent governance,” Bankman-Fried explained.

The host asked him to set a cap on donations, after which the exchange’s CEO named a figure of $1 billion.

“Yes, I think that’s a worthy thing to look at as something of a … I wouldn’t say it’s a hard cap, but at least as a soft cap,” Bankman-Fried replied.

In 2020, the head of FTX allocated $5.22 million to Joe Biden’s campaign fund, becoming one of Biden’s largest donors.

The next elections are scheduled for November 5, 2024. Earlier, Biden stated his plans to run again. Trump has not ruled out participating.

As TIME named Bankman-Fried among the 100 most influential people of 2022.

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