FTX founder Sam Bankman-Fried was also prolific donor to Republicans: ‘I have a duty’

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FTX founder Sam Bankman-Fried, while a major contributor to the Democratic campaign, also donated a significant amount of money to Republican candidates and organizations ahead of the midterm elections.

Bankman-Fried, whose cryptocurrency exchange platform FTX has collapsed in recent weeks, funneled an estimated $262,200 to Republicans during the 2021-2022 election cycle, according to Federal Election Commission data. His contributions to Republicans paled in comparison to the nearly $40 million he contributed to Democratic campaigns, but still represented a significant amount compared to most Americans.

“I have a duty as an industry member to try to get us regulated, to try to steer the industry in a more responsible direction,” Bankman-Fried said in a September interview with NBC News anchor Chuck Todd. “I think that takes engagement. I think it would be irresponsible for me not to deal with Capitol Hill, with regulators.”

The crypto entrepreneur added that it is “probably true” that he has gained more access to federal lawmakers as a result of his political fundraising activities.

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Sam Bankman-Fried testified at a Senate Agriculture Committee hearing in February. He gave tens of millions of dollars to Democrats and hundreds of thousands of dollars to Republicans during the midterm election cycle. (Sarah Silbiger/Bloomberg via Getty Images/Getty Images)

Among his largest donations to Republican candidates and organizations was a $105,000 check to the Alabama Conservatives Fund, a $50,000 donation to the conservative group Heartland Resurgence, and $45,000 to the National Republican Congressional Committee (NRCC).

The Alabama Conservatives Fund was a leading supporter of Alabama Senator Katie Britt, and Heartland Resurgence boosted Senator John Boozman, R-Ark. The NRCC is the primary fundraising arm of the House Republicans.

“The Britt campaign has not received (nor accepted) the money…referred to,” Britt spokesperson Sean Ross told Fox News Digital.

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Ross noted that it is illegal to coordinate political campaigns with Super PACs.

“Katie will be an advocate for common sense policies that provide robust consumer protections while fostering innovation, entrepreneurship and investment here at home rather than sending the digital asset economy overseas to places like China,” said Ross.

In addition, during the election cycle, Bankman-Fried wired maximum individual donations to Boozman and incumbent Republican Senator Susan Collins of Maine, Richard Burr of North Carolina, Bill Cassidy of Louisiana, John Hoeven of North Dakota, and Lisa Murkowski of Alaska.

Sen.-elect Katie Britt, R-Ala., was a beneficiary of Bankman-Fried's donations.

Sen.-elect Katie Britt, R-Ala., was a beneficiary of Bankman-Fried’s donations to the Alabama Conservatives Fund. During her campaign, Britt said she supported US innovation “in the crypto space” and that the government should not give its “thumb (Katie Britt for AL Senate)

Bankman-Fried gave to Collins and Cassidy despite their next election being scheduled for 2026. And Burr announced in 2016 that he would retire in 2023. The only other person to give Burr a maximum donation during the current cycle was Rob Granieri, an executive at Jane Street, Bankman-Fried’s former employer.

The Hoeven campaign told Fox News Digital that it donated the funds it received from Bankman-Fried to the Salvation Army. A spokesman for Cassidy said his campaign would donate the Bankman-Fried contribution to a Louisiana charity.

In addition to the hundreds of thousands of dollars he spent on conservative PACs and Republican candidates, Bankman-Fried donated $2 million to GMI PAC, a pro-crypto political action committee. In turn, the PAC transferred $5.85 million to the left-wing Web3Forward PAC and $2.8 million to the right-wing Crypto Innovation PAC.

It is unclear whether Bankman-Fried’s donation to GMI PAC made its way to Crypto Innovation PAC, which exclusively supported Republicans, including Boozman.

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However, Crypto Innovation PAC donated about half of its spending to New York’s Michelle Bond, who was defeated in her Republican primary despite backing from Senator Ted Cruz, R-Texas, and Donald Trump Jr. Bond’s reported partner is Ryan Salame, an executive at FTX.

FTX did not respond to a request for comment. The NRCC and campaigns for Boozman, Burr, Collins and Murkowski also did not respond to requests for comment.

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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