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Cryptocurrency billionaire and political mega-donor Sam Bankman-Fried has turned off the faucet on campaign contributions less than a month before the 2022 midterm elections. In an interview with MM, he insisted that he was always part of the plan, even if everyone thought it would move forward.
Bankman-Fried has invested nearly $40 million in Super PACs and campaigns in the 2022 cycle. He previously said he was willing to spend in the race through 2024.
"It was a stupid quote I made, " the 30-year-old founder of global cryptocurrency exchange FTX and trading firm Alameda Research said in an interview on Wednesday. "I think in some cases my posts were careless and inconsistent."
That's bad news for Democratic leaders who are sounding the alarm about destocking to fight the GOP. In November.
This is what the banker Fried said Revealing his fortune in the final days of the race will not significantly boost his political priorities. Along with the new rules for cryptocurrency exchanges, the billionaire has also been a strong advocate for pandemic preparedness.
"I think elementary school is more important," said Bankman-Fried, who was in Washington for the conference. This week. “Honestly, I could try to talk about pandemic preparedness in the general election . But most voters will say , "That's fine, but I'm like a Democrat" or "I'm a Republican." It is not enough for me to consider all the other questions.
On the contrary, While the supersteering committees funded by Bankman-Fried and other FTX executives generally supported the winning candidates in the primaries, they also suffered devastating defeats in some of the races in which they were most active.
"There comes a point where you get your message out to voters, there's nothing you can do about it," said Bankman-Fried. "You can spend more time on it, more messages, more money, more anything [but] you won't do anything else."
Learn more about Bankman and Freed's conversation in POLITICO Pro.
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ride of the day
Deputy Finance Minister Wally Adeyemo calls on coalition members for global sanctions over Russian treasury raid at 08:00. ... US Federal Reserve Governor Lisa Cook will address a conference of the National Bankers Association at 10:30 am. Treasury Secretary Janet Yellen gives a press conference at the IMF at 1:30 p.m.
ELON UNDER INVESTIGATION - Bloomberg's Tom Giles: "Federal authorities are investigating billionaire Elon Musk in connection with his bid to acquire Twitter Inc., lawyers for the social network wrote in a Delaware lawsuit."
Raimondo on recession fears: All is well: Commerce Secretary Gina Raimondo said Thursday she does not think an economic downturn is guaranteed. "In my opinion, a recession is not inevitable," he told Bloomberg TV. "Obviously, I don't think a significant recession is absolutely inevitable."
PAYPAL CHALLENGES - Senator Tim Scott (RS.C.) - Will be Republican leader on next year's Banking Committee — got caught up in a fintech culture war this week in a letter to PayPal, the company is warning to remove an upcoming policy update that would fine users $2,500 for spreading false information. The company pulled the update shortly after it was released, saying it "never intended to include it in our policy."
In another potential culture blitz for Banks, JPMorgan Chase and Ye, aka Kanye West, ended their relationship after a series of social media attacks, when the rapper and designer the bank, its CEO Jamie Dimon. , and attacked other drivers.
As some tried Wednesday night to tie the reveal a A series of racist and anti-Semitic comments Ye posted on social media over the past week, a source familiar with the letter said was sent on Sept. 20, days after the rapper told CNBC he got his money. by JPMorgan because "Jamie Dimon never calls me."
file fed
FED LISTENER - Here's a fun one: NY Magazine features WSJ Fed reporter Nick Timiraos. "On Wall Street and in Washington, Nick Timiraos, the Wall Street Journal's chief economic correspondent, has been jokingly called the 'Fed Charmer' or even 'Chairman Timiraos' for his recent prediction of the bank's next move. central," Jen writes. . . Wichner.
Right : "John Krasinski would be great to play Timiraos in a movie."
Prepare for the worst - Bloomberg's Lou Wang and Peyton Forte: "Wall Street's hopes that the Fed could ease its fight against inflation later this year were dashed for good Thursday when CPI data for September was released.
DIAMON DOWNER - Bloomberg's Hannah Levitt: "Jamie Dimon said the Fed probably can't cool a hot economy without triggering a recession."
BUT, BUT, BUT - The WSJ's Karen Langley and Caitlin Ossoff: "US stocks closed sharply higher on Thursday in a choppy turn after investors decided new evidence of high inflation wasn't as bad as it was." At first glance it seemed so. .
Business
INCREASE IN BENEFITS -- WSJ's Ann Tergesen: "Social Security checks will increase 8.7% in 2023, the largest cost-of-living benefit adjustment in four decades," the Social Security Administration said Thursday. The additional funds will provide relief to many of the estimated 70 million Social Security recipients whose budgets have been squeezed by high inflation and whose nest eggs have been hit by falling stock and bond markets.
Dollars and cents: The average monthly retirement check will rise to $1,814 starting in January, up from $1,669 this year, according to the WSJ.
BLACKROCK stumbles - Angel Au-Jung from WSJ : "Market weakness has caused investment giant BlackRock Inc. hit in the third quarter, causing earnings to drop 16%.
KASTLE OFFICE BACK GAUGE - Bloomberg's Sarah Holder: "The 50-year-old company has become, if not a household name, then at least the best-known player in the not-so-sexy industry, and a key player in ongoing conversations. the office as we once knew it is dying, Castle is determined to watch over its final days."
crypto
OCC DIRECTOR ENCOURAGED STARTUPS TO "GROW": Coindesk's Fran Velasquez: "Octuring Comptroller (OCC) Michael Hsu says lack of focus by some crypto firms with expansion plans prevents agencies like his set regulatory standards. because some parts of the crypto industry don't know what they want to be when they grow up," Xu said.
THE CHALLENGE STILL REMAINING: Bloomberg's David Peng: “Uniswap Labs has received more funding, even as the crypto market struggles and investors begin to lose faith in decentralized finance. The exchange... announced Thursday that it raised $165 million in a Series B funding round, valuing the company at $1.66 billion.
VOYAGER LESS THAN FANTASTIC – Bloomberg's Jeremy Hill: “Lenders at Voyager Digital Ltd. disagrees with plans to give directors and officers of a cryptocurrency lender immunity from lawsuits related to its bankruptcy.
task report
Jamie Wall is currently ExxonMobil's vice president and Washington office manager. Most recently, she was Executive Vice President of Defense at SIFMA and is an alumna of Honeywell, Materia and Sen. Roy Blunt (R-Mo.). – Daniel Lipman
Reinsurance Group of America , a global life and health insurance company, has appointed Steve Simchak and Christopher Winship as vice presidents and heads of the company's Washington office and vice president of legislative and regulatory affairs for Asia.
flying around
The Federal Trade Commission , the most important corporate watchdog in the United States, is also home to Washington's most active Wall Street investors. - Brodie Mullins, Rebecca Ballhouse, Chad Day, John West and Coulter Jones from the WSJ.
Executives at US banking giants said on Thursday that strict capital requirements after the 2008 financial crisis could dampen economic activity. - Said Azhar and Lanan Nguyen of Reuters
The $51 billion fund managers at Harvard University have warned of big write-downs in its private equity and venture capital portfolio and forecast big losses for institutional investors. - Antoine Garat of FT