- FTX is third only to a George Soros-owned corporation and a firm called Uline.
- The efforts may pay off in the form of improved regulation for the cryptocurrency industry.
Sam Bankman-Fried, a crypto billionaire, is one of the biggest contributors to the 2022 U.S. midterm elections. It has been shown via statistical analysis that crypto-related donations to political campaigns have increased dramatically since 2020. Many politicians around the nation have expressed their support for the crypto industry.
Approximately $73 million has been given to the 2022 midterm elections by different crypto firms and individuals. According to The Wall Street Journal, Sam Bankman Fried’s FTX is the biggest donor from the cryptocurrency sector and the third greatest contributor for the 2022 election.
Improved Regulation For Crypto Sector
The CEO of FTX has said that he participates in lobbying activities on behalf of the cryptocurrency ecosystem. In an interview, the billionaire investor predicted that the United States government will have crypto regulations ready within a year.
Among the companies that have donated to political campaigns, FTX is third only to a George Soros-owned corporation and a manufacturing firm called Uline. The cryptocurrency sector may be trying to elect pro-cryptocurrency MPs by increasing its election spending.
The efforts may pay off in the form of improved regulation for the cryptocurrency industry in the long run. Sam Bankman-Fried reportedly expressed interest in Elon Musk’s Twitter partnership. This has so far, however, not come to pass.
The FTX CEO was interested in investing in Twitter and introducing blockchain technology to the microblogging service. Binance, on the other hand, has put $500 million into Twitter in exchange for a stake. Crypto exchange’s long-term goal is to merge social media and web 3.0 technologies.
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