- Sam Bankman Fried has been putting a lot of funds into elections and lobbying to make sure that cryptocurrency is moderately regulated in future.
- Previous few months have been a roller coaster ride for the cryptocurrency sector, with around a Trillion dollars getting wiped from the total market cap.
- Deceptive promises covered with technobabble had led to chaotic stories of desires to self harm, collapsed dreams, and vanished life savings.
Sam Bankman Fried Flowing Funds For His Crypto Policy Agenda
Recent times haven’t been so good for the cryptocurrency sector, with around $1 Trillion worth of assets disappearing in a blink of an eye. False pledges shrouded in technobabble have led to tragic narratives of vanished life savings, desire to self harm, and shattered dreams.
But this chaos has found the greedy ones, the ones stepping into the sector to become affluent quickly. Big guns of the industry, who have already got their pots at the end of the rainbow, are not just insulated from the mess, are trying to make efforts to eagerly preach to regulators that this sector is fine and does not require heavy restrictions.
A leading voice in this drive is Sam Bankman Fried, FTX CEO. He has developed an intensive crypto policy agenda in the previous year which involves congressional campaign donations, creation of super PACs and hiring of former CTC officials.
Sam Bankman Fried has a net worth of around $21 Million. While he claims to be driven by effective utilitarianism and altruism, his documented offerings exhibit a greater desire to expand and secure his wealth.
He has spent more than $30 Million on political donations, greater than $21.8 million his organization’s foundation has earmarked to charity since its initiation. Sam Bankman Fried also claimed that he can spend $1 Billion during the 2024 elections.
While Sam Bankman Fried has channeled his offerings primarily on democratic nominees, involving a $6 million contribution to the House Majority PAC. Salame, his co-CEO, has sought to empower Republican Party members.
Salame introduced the American Dream Federal Action PAC, with a $4 Million gift, with an objective of supporting “forward looking” republican nominees.
These parallel offerings by separate members of the organization to every major party comes straight outta playbook utilized by established Wall Street actors cryptocurrency industry purports to challenge.
Whatever Sam Bankman Fried is doing, seems like a greater good for the crypto sector, as many nations around the globe are trying to impose heavy restrictions on the digital assets.
It will be worth watching what outcomes these efforts, being made by SBF, will give.
