Crypto Exec Bankman-Fried Spends Too Much On Politics

Sam Bankman-Fried – crypto billionaire and CEO of FTX, one of the largest (and newest) cryptocurrency platforms in the world – is spend millions of dollars In this year’s midterm elections. He has stated in recent interviews that he expects to spend more than $100 million, although people shouldn’t be surprised if he spends up to $1 billion.

Sam Bankman-Fried: How much will he spend?

At the time of writing, Bankman-Fried’s net worth is estimated to be over $20 billion. He says he has already given over $200 million to various causes and discussed in a recent interview what he plans to donate to the political world:

I think the North 100 million. As for what’s more, I don’t know. It really depends on what happens. It depends on who exactly is running, where and why. [$1 billion] It’s a decent thing to look at as – I hate to say hard roof because who knows what’s going to happen every now and then – but at least some kind of soft roof.

There seems to be a major flaw in the plan started by Bankman-Fried… he gives all his money to liberal candidates. This indicates that Bankman-Fried has not been paying attention to what has been happening over the past two years. As a cryptocurrency CEO, it is strange that he is not looking to spend more money on electing Republicans and conservative politicians.

People like Cynthia Loomis, a Republican senator from Wyoming, have worked hard to incorporate bills that will shape the regulatory scope of cryptocurrencies in the future. If its bill is passed, it will have a major impact on how subsequent digital currency bonds are crafted and implemented.

By contrast, Joe Biden signed an infrastructure bill in mid-2021. The word “infrastructure” was just a stunt since the document contained classified speech that would allow government regulators to stand firm on crypto users, especially in 2024. When there are new provisions that are to happen. There are many examples of Republicans looking to improve the crypto landscape and boost innovation, while Democrats and liberals often seek to put things to rest.

That’s a lot of money

Given his position in power and the industry in which he operates, one might assume that Bankman-Fried has noticed, but things seem to have gotten past his head. Alex Baumgart, a researcher at Open Secrets that tracks campaign finance, said in a recent statement that the kind of money he plans to put up will be “into a consortium of his own.” He said:

If this continues and is fully realized, it could have an enormous impact on American politics. The question is, will his spending pay off in the middle of the term? Ultimately, I think this will have a huge impact on his decision to continue with this or not.

Tags: crypto, politics, Sam Bankman-Fried

#Crypto #Exec #BankmanFried #Spends #Politics

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