Ahead Of Elections, FTX Co-CEO Gives $4 Million To A Republican PAC

Ahead Of Elections, FTX Co-CEO Gives  Million To A Republican PAC

  • According to Politico, Co-CEO of FTX Digitals Markets, Ryan Salame, has donated $4 million to a political action committee aligned with Republican candidates ahead of mid-term elections. 
  • The recent donation marks yet another instance of the crypto industry diving into the political battlefield. Salame has already donated $10 million to GMI PAC, which is focusing on crypto in this election.
  • In the last election, Sam Bankman-Fried, Co-CEO of FTX, was among the biggest financial supporters of President Joe Biden.

Ryan Salame, Co-CEO of FTX Digitals Markets, has donated $4 million to a political action committee aligned with Republican candidates, as per Politico, a journalism company based in Arlington County, Virginia. 

American Dream Federal Action will support candidates who aim to protect America’s long-term economic and national security, according to its website, on Monday. 

In a statement given to Politico, Salame shared that it is focused on “conservative leaders.”

Although FTX hasn’t given the funding to a crypto PAC, the new organization is yet another instance of the crypto industry dipping its head into politics. 

Salame has already donated $10 million to GMI PAC, which in this election season is crypto-focused. 

PAC is just one aspect of the industry’s political battle. Meanwhile, crypto firms are also running influence campaigns in statehouses for attracting supportive local laws.

FTX’s CEO, Sam Bankman-Fried, was among the biggest financial supporters of President Joe Biden in the last election. 

Recently, FTX is seen heavily investing in traditional finance, while its affiliate based in the United States, FTX US, is investing in Investors Exchange (IEX), a U.S. national stock exchange. 

However, a spokesperson from FTX US has denied to disclose any details about the financial terms of the deal, pointing out that after the investment, FTX has become a significant shareholder in IEX. The representative also noted that it’s the first time that FTX has made an investment in a stock exchange regulated by the U.S. 

As per a recent report by TechCrunch, FTX is holding discussions to invest in Mobile Premier League as part of its Web3 strategy.

Source: https://www.thecoinrepublic.com/2022/04/12/ahead-of-elections-ftx-co-ceo-gives-4-million-to-a-republican-pac/