FTX founder says he could spend $1bn in 2024 US election

Billionaire Sam Bankman-Fried expresses desire to stop Donald Trump from regaining office

Female voters cast their vote in front of US flag                                 
Bankman-Fried made $16m in political donations in April alone – Photo: Shutterstock

FTX founder Sam Bankman-Fried has said that he could spend $1bn or more in the United States’ next election cycle to support the Democratic Party. 

Should he carry out this suggestion, the 30-year old would become the largest-ever political donor in a single election. 

How much would Bankman-Fried donate?

Speaking on the What’s Your Problem? podcast, Bankman-Fried said: “I would guess north of $100m. As for how much north of that, I don’t know. It really does depend on what happens. It’s really dependent on exactly who’s running where for what, and these things are super contingent.”

When questioned on whether he would be willing to donate $1bn should former President Donald Trump seek re-election, the leading cryptocurrency executive said that it would be “a decent thing to look at”. 

He added: “I would hate to say hard ceiling because who knows what's going to happen between now and then – but at least as a soft ceiling.”

Leading contributor to 2020 campaign

Bankman-Fried was one of the top 20 contributors to President Joe Biden’s 2020 campaign with a $5.2m donation.

Ranked 60th on the 2022 Forbes Billionaires List, Bankman-Fried is an advocate of “effective altruism”. Also supported by the likes of Bill Gates and Warren Buffett, this philosophy has prompted some of the world’s richest people to give away their wealth in order to improve society.

The son of two Stanford law professors, Bankman-Fried’s mother is the co-founder of the Democratic-leaning fundraising organisation Mind the Gap and the voting registration organisation Center for Voter Information. 

Last month, the FTX founder gave $16m to super political action committees (PACs) involved in this year’s Democratic primaries. 

Promoter of crypto regulation

An advocate of greater regulation of the cryptocurrency sector, Bankman-Fried admitted his concern about “scams, Ponzi schemes and pump-and-dumps” when he appeared before the Senate Agriculture Committee in February. 

He added: “I think what this highlights is the need for Federal oversight of the cryptocurrency industry. There have been a number of hacks and scams, historically most of this has happened on unregulated venues.”

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