As Democratic Party major donor SBF steps down, Binance.US applies to form a political action committee

Sam Bankman-Fried, the founder of FTX, one of the largest donors to the Democratic Party, may no longer be able to provide firepower support for politicians in the future. However, at this coincidental juncture, Binance US has also established its own political action committee.

A Political Action Committee (PAC) is an independent fundraising organization formed by various sectors to donate to specific candidates based on the issues and positions the PAC supports.

Previous reports indicated that SBF had planned to invest over $100 million in political donations before the next presidential election in 2024, with a maximum of $1 billion, but he may consider donating more if Trump runs again.

Although SBF later retracted from this astronomical figure, admitting that he sometimes speaks too hastily, his donations to the Democratic Party still amounted to nearly $40 million, second only to George Soros.

Additionally, SBF's donations indirectly helped the Democratic Party gain control of the Senate in the midterm elections, marking the party's best performance in 20 years.

With FTX entering bankruptcy proceedings, SBF, one of the Democratic Party's largest donors, will no longer be able to provide support. However, Binance has chosen to establish its own PAC at this coincidental timing.

According to the application filed with the Federal Election Commission document, Binance.US has applied to establish a Political Action Committee named "Binance.US Innovation PAC."

The Binance.US PAC applied for establishment just as the midterm elections concluded, signifying that Binance will have a full two years to prepare for the 2024 federal elections and presidential election.