Sam Bankman-Fried previously said that he intended to donate at least $100 million and as much as $1 billion in the lead-up to the 2024 United States Presidential election.
However, as we approach the 2022 midterms, he’s given a mere $40 million to various campaigns and super PACs, including contributions to several lawmakers who have been advancing crypto-related legislation that centers the Commodity Futures Trading Commission (CFTC) as the space’s primary regulator.
The bushy-haired billionaire has now acknowledged that his original promise may have been a little on the ambitious side, stating, “that was a dumb quote on my part.” He further emphasized his intention to continue focusing primarily on primary races where his funds will have an outsized impact on shaping policy.
While SBF’s donations are currently some way short of his original pledge, he’s still one of the largest contributors to this election cycle. However, he’s far from being the top donor, with George Soros donating $125 million to various super PACs.
SBF’s effort to advance the CFTC as the primary crypto regulator may also be cooling as it takes a more active role in trying to regulate the decentralized finance space. It recently filed a complaint against Ooki DAO for offering unregistered margin trading to retail.
SBF has been active during this cryptocurrency bear market, trying to acquire many of the firms that have encountered difficulties including Voyager and Celsius, often with terms that place his firms in an advantageous position.