While Bankman-Fried is relatively new in the area of political spending, FTX exchange is still relatively new.
Of the donations from 100 CEOs, Bankman-Fried’s contribution was the second largest.
Despite Bankman-Fried’s contribution, Biden’s stance on crypto-currencies is still unknown.
Sam Bankman-Fried, the CEO of FTX, a Hong Kong-based crypto derivatives exchange, donated £3.96 million sterling to Joe Biden’s presidential campaign. A report unveiled this news on October 28th, and found that Biden’s campaign received a total of £60.51 million from his top 100 donors, who called themselves CEOs. Bankman-Fried reportedly made the second largest contribution after Michael Bloomberg, co-founder of Bloomberg LP, who donated £42.62 million.
According to the report, Bankman-Fried made the donation through Alameda, the market-making and trading company that he heads as CEO. Although his donation was significant, it is only a drop in the ocean as Biden and Trump’s campaigns, together with their external supporters, raised around £1.67 billion.
Although Bankman-Fried is relatively new to political spending, FTX has already dipped its feet into the sector. In February this year, the exchange developed a specialized futures contract that allowed traders to bet on Trump’s re-election. The contract, called Trump-2020 (TRUMP), expired at £0.76 if Trump wins this year’s presidential election and at £0 if he loses. Subsequently, the exchange introduced a similar futures contract for Biden called Biden 2020 (BIDEN).
Biden’s unclear position on the crypto
This news comes after Biden recently made his first and so far only public statement on the Bit Coin (BTC). According to reports, a hacker managed to hack into the candidate’s Twitter account, promising to double any amount of BTC sent to a given account within 30 funds in order to give something back to the community. The tweet prompted Biden to declare that he had no BTC and that he would never ask for a BTC.
The tweet from Biden was
“I don’t have any Bitcoin, and I will never ask you to send me any. But if you want to help make Donald Trump a one-term president, you can do so here.
I don’t have Bitcoin, and I will never ask you to send me any.
But if you want to help make Donald Trump a one-term president, you can do this here: https://t.co/8XtBjuU5fX– Joe Biden (@JoeBiden) July 16, 2020
However, the link provided did not accept BTCs, only US dollars.
Unlike Biden, the incumbent president openly declared that he was not a crypto-fan. In a tweet in 2019, Trump clearly revealed his aversion to the crypto sector, noting
“I am not a fan of Bitcoin and other crypto currencies that are not money and whose value is very volatile and based on thin air. Unregulated crypto-currencies can facilitate illegal behavior, including drug trafficking and other illegal activities”.
I am not a fan of Bitcoin and other crypto-currencies that are not money and whose value is very volatile and thin air based. Unregulated crypto-currencies can facilitate illegal behavior, including drug trafficking and other illegal activities….- Donald J. Trump (@realDonaldTrump) July 12, 2019.