In the run-up to the US midterm elections later in the year, Sam Bankman-Fried injected $16 million into political outside spending groups.
According to the report, Protect Our Future received $10 million in donations from super political action committees. The House Majority PAC has links to House Speaker Nancy Pelosi.
Heading into a busy summer season of primary races, Bankman-Fried made donations. Super PACs can raise unlimited money from people and companies, which can be used in campaigns.
The FTX chief executive has received a total of as much as $32 million in this election cycle. Some complain that Bankman-Fried is trying to buy elections by funding a stream of ads.
According to ProPublica data, Protect Our Future has spent almost $24 million on campaigns in the last four years. The former researcher in artificial intelligence lost in the Oregon primary.
Bankman-Fried wants more federal oversight of the industry given the concerns about scam artists. He thinks that better regulation will draw more interest from institutions.
July and August are the busiest months for state primaries, though the season runs from March to September before the elections in November.
Bankman-Fried has given money to other super PACs. Future Forward, a group that supported Joe Biden's presidential campaign, received a $5 million contribution from him.
He was ranked 47th among top donors to outside spending groups during the 2020 election cycle and 27th in the following year.
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