FTX Founder Sam Bankman-Fried Shifts Political Donations Amid Collapse
1min read Former ftx CEO Sam Bankman-Fried, in a recent interview, expressed his surprise at the stance of Democrats on cryptocurrency prior to the collapse of FTX. He revealed that his political donations shifted from predominantly supporting Democrats to an equal split between Democrats and Republicans by late 2022. This shift coincided with the collapse of FTX, which he suggested may have influenced his harsh prison sentence.
Bankman-Fried, who was found guilty of multiple charges of fraud and conspiracy in March 2024, made over $40 million in political donations to 196 members of Congress. This included key figures such as former Speaker of the House and former Senate Majority Leader. His donations were widespread, with nearly one in three lawmakers receiving funds from him.
During his trial, it was revealed that Bankman-Fried had considered various strategies to rehabilitate his public image following the FTX collapse. One of the ideas listed in an undated google Doc was to "come out against the woke agenda" and to appear on conservative media platforms. This strategy seemed to align with his later shift towards the Republican Party, which is now firmly in power in Washington D.C.
Bankman-Fried criticized the Securities and Exchange Commission (SEC) under former Chair Gary Gensler, describing the agency as "something out of a nightmare" for crypto companies trying to register. He expressed disappointment with the Democrats, stating that he had never expected much from them but had hoped for thoughtful lawmakers from both parties.
When asked if he had called in any favors from political figures during his trial, Bankman-Fried denied it. However, his parents, both former Stanford Law School professors, have reportedly been meeting with lawyers and other individuals in the orbit of the U.S. President in an attempt to secure a presidential pardon for their son.
Bankman-Fried's trial also uncovered a Google Doc that suggested he was planning to criticize the legal system, describing it as a "cartel of lawyers destroying value and throwing entrepreneurs under the bus." This document highlighted his frustration with the legal process and his perception of the justice system.
Recently, Bankman-Fried posted messages on social media about the challenges of firing employees, referencing actions taken by the Department of Government Efficiency. These posts were met with criticism from the crypto community, who saw them as an attempt to curry favor with the Trump administration.
