Sam Bankman-Fried Top U.S. Midterm Election Donor; Who Else From Crypto

Sam Bankman-Fried Latest Updates: Crypto billionaire Sam Bankman-Fried is among the top donors for the U.S. Midterm Election 2022. Data shows there is significant growth in political funding from crypto circles when compared with 2020. The development attains prominence as various executives and investors from the crypto industry continue lobbying efforts to ease regulatory stance. In the political landscape, crypto ecosystem already enjoys support from many a lawmaker from across the country.

Sam Bankman-Fried: Leading Crypto Donor

Around $73 million has been contributed by various crypto companies and personalities into the 2022 midterm elections. As per a Wall Street Journal report, FTX is the third largest contributors for the 2022 election, making the Sam Bankman-Fried company the largest donor from crypto industry. The FTX chief executive officer recently said he was actively involved in lobbying efforts on behalf of the crypto ecosystem. The billionaire investor said the U.S. government could prepare rules for crypto within an year’s time.

Crypto firm FTX is only behind a company belonging to George Soros and manufacturing company Uline in the election funding. The increased election funding from crypto industry could be seen as an effort to help elect pro-crypto lawmakers. In long term, the efforts could benefit crypto companies in terms of regulation. As per research group Open Secrets,

“Contributions from crypto related entities dominated donations from mainstream industries like defense and automobiles.”

Interest In Twitter

Earlier, reports said Sam Bankman-Fried wanted to be a part of the Elon Musk Twitter deal. It was said that the FTX CEO would get a minor equity stake of around 0.1% or 0.2% in Twitter. However, it has not materialized. While showing interest in investing in Twitter, the FTX chief had plans to implement blockchain technology on the social media platform. On the other side, Binance took a $500 million equity investment in Twitter. The crypto exchange envisions bringing social media and web 3.0 technology together.