Home » World News » FTX founder Sam Bankman-Fried funneled max donation to Nancy Pelosi's likely successor
FTX founder Sam Bankman-Fried funneled max donation to Nancy Pelosi's likely successor
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FTX founder and CEO Sam Bankman-Fried donated the maximum amount an individual can give to a candidate to House Speaker Nancy Pelosi's, D-Calif., likely successor.
Bankman-Fried made a contribution worth $5,800 to Rep. Hakeem Jeffries, D-N.Y., in July 2021, according to Federal Election Commission (FEC) data. While the amount was relatively tiny compared to the roughly $38 million the crypto entrepreneur funneled to candidates and political action committees (PAC) ahead of the midterm elections, it represented the maximum contribution an individual is allowed to donate to a single candidate under federal campaign finance laws.
According to the FEC, individual contributors are only permitted to give $2,900 per candidate per election. Individuals may combine two maximum contributions into a single dotation of $5,800 since primaries and general elections count as two separate elections.
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