FTX Launches Federal Action PAC and Donates $4 Million To The Initiative

FTX Digital Markets has announced the launch of a new political action committee (PAC) with a $4 million donation. The platform’s Co-Chief Executive Officer, Ryan Salame, stated that the Federal Action PAC will offer support for forward-looking conservative leaders that know the need to advance smart policies that “set America for success.”

According to the PAC site, there should be a positive impact on people’s lives based on public policy solutions. This should play a very important role when protecting biosecurity, American freedoms, and its system of free enterprise.

FTX Puts $4 Million To The Initiative

To push for the initiative, FTX has announced a $4 million infusion into the program. According to the Election Commission data, the registration date for the PAC shows March 14, although it has not been reflected on the donations yet. While PACS can only donate a minimum of $5,000 to a single candidate, the donations can be spread across different local, state, and federal politicians in an election year.

FTX is the American partner of the popular FTX Trading platform, with Sam Bankman-Fried as the Chief Executive Officer of the parent company.

Salame joined the global company in September last year after it received licenses to operate in the Bahamas. He was formerly in charge of the linked trading firm Alameda Research before his new role in FTX Digital Markets.

Sam Bankman-Fried To Retain Only 1% of His Earnings From FTX

Sam Bankman-Fried has always identified with the government and politicians running for major positions in the country. He is one of the major contributors to the presidential campaign of Joe Biden in 2020. The firm has become increasingly visible in Washington as a representative of the crypto industry.

In another development, Bankman-Fried has announced that he will be keeping only 1% of his earnings from the company, giving away the rest. He is regarded as one of the richest people in the world, with a net worth of $24 billion. In January 2022, FTX exchange and its U.S. operations reached a combined worth of $40 billion.

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