FTX founder Sam Bankman-Fried funneled max donation to Nancy Pelosi's likely successor
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FTX founder and CEO Sam Bankman-Fried donated the maximum amount an individual can give to a candidate to House Speaker Nancy Pelosi's, D-Calif., likely successor.
Bankman-Fried made a contribution worth $5,800 to Rep. Hakeem Jeffries, D-N.Y., in July 2021, according to Federal Election Commission (FEC) data. While the amount was relatively tiny compared to the roughly $38 million the crypto entrepreneur funneled to candidates and political action committees (PAC) ahead of the midterm elections, it represented the maximum contribution an individual is allowed to donate to a single candidate under federal campaign finance laws.
According to the FEC, individual contributors are only permitted to give $2,900 per candidate per election. Individuals may combine two maximum contributions into a single dotation of $5,800 since primaries and general elections count as two separate elections.
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Sam Bankman-Fried, founder and chief executive officer of FTX, speaks during the Institute of International Finance annual membership meeting in Washington, D.C., on Oct. 13. (Ting Shen/Bloomberg via Getty Images / Getty Images) Jeffries was the only House candidate who Bankman-Fried gave $5,800 to. He donated the same amount to various Democratic and Republican senators in 2021 and 2022. Jeffries, who is currently the fifth-highest ranked Democrat in the House, is considered a likely successor to Pelosi when she steps down from her role as leader of the House Democrats, Politico recently reported. The New York Democrat is expected to have more behind-the-scenes support from other Democratic leaders compared to Rep. Adam Schiff, D-Calif., another member who could make a play for the top spot. INSIDE THE COLLAPSE OF CRYPTO EXCHANGE FTX: EVERYTHING YOU NEED TO KNOW "There’s nothing I would ever do to impede the progress of our up-and-coming young Democrats and I see him as an up-and-coming young Democrat," House Majority Whip Jim Clyburn, D-S.C., told Politico. "He knows that, I didn’t have to tell him that — but I did." House Democratic Caucus Chair Rep. Hakeem Jeffries, D-N.Y., talks to reporters on June 29, 2021. (Chip Somodevilla/Getty Images / Getty Images) Bankman-Fried's donation to Jeffries, though, was just a small slice of his overall political givings during the midterm election cycle. The majority of his $38 million in donations were sent to Protect Our Future PAC and House Majority PAC, both of which exclusively supported Democratic candidates. GET FOX BUSINESS ON THE GO BY CLICKING HERE Bankman-Fried's donations made him the second-largest donor to Democrats in the cycle, behind only George Soros who donated nearly $127 million. Meanwhile, a massive liquidity crisis forced FTX to file for bankruptcy last week. Bankman-Fried's net worth subsequently dropped from an estimated $15.6 billion to no material wealth, according to the Bloomberg Billionaires Index. The former billionaire admitted on Thursday that he had "f—ed up." Source: Read Full Article
