By Richard Hines
Sam Bankman-Fried (SBF), CEO and Chairman of FTX, a crypto exchange company, has joined the list of crypto contributors to the US Midterm elections in 2022, and takes up the third position as highest contributor.
Crypto Industry Donating Towards The U.S. Election
Sam Bankman Fried, crypto billionaire and investor, is one of the top contributors for the upcoming US midterm elections in 2022. According to analysis, there is a huge increase in financing coming from the crypto sector as compared to funding in 2020.
This positive crypto industry growth aims to reduce the tightness and stiffness of the laws imposed on industries and investors in the crypto space.
In the political scene, crypto sectors have garnered support from lawmakers and legislative bodies across the country.
Various crypto companies have donated about $72 million in anticipation of this election.
According to statistics, donations from cryptocurrency surpassed those from automobiles and defense this year.
According to the Wall Street Journal, FTX is the third largest contributor to this midterm election. This also makes Sam Bankman Fried the cryptocurrency industry’s largest donor.
FTX’s CEO indicated that he is actively involved in advocacy activities on behalf of the crypto industry.
An Attempt To Soften Regulation?
In terms of electoral fundraising, FTX trails behind a company owned by George Soros and the manufacturing firm Uline.
This increased electoral fundraising from the crypto sector is seen as an attempt to sway lawmakers in favor of the crypto industry. In terms of regulations, their contributions may benefit crypto companies and investors in the long run.
In related news, it has been reported that Sam Bankman Fried wanted to be involved in the Twitter agreement with Elon Musk, the company’s most recent owner. It was mentioned that Bankman will receive a meager 0.1% or 0.2% stock stake in Twitter. However, the transaction has not yet been finalized.
Bankman is not just interested in twitter, but he also wants to integrate blockchain technology on there. To run Twitter on a decentralized network, however, Elon Musk previously stated that he has no plans to do so because it doesn’t appear practical.
Also, Twitter received a $500 million equity investment from Binance. All of the aforementioned donations and partnership are targeted to bringing social media and web3 together.