A new report from Bloomberg has revealed that the former CEO of the cryptocurrency exchange FTX, Sam Bankman-Fried, allegedly explored the possibility of paying former US President Donald Trump $5 billion not to run for office.
According to the report, Bankman-Fried had discussed the proposal with an unnamed investor in January 2021. The plan reportedly involved a “symbolic” payment of $5 billion, which would be paid into a charitable trust. This trust would then be used to fund initiatives such as fighting climate change and combating the spread of misinformation.
The proposal was never officially presented to Trump, and it is unclear whether Bankman-Fried ever seriously considered it. Nevertheless, the story is likely to raise eyebrows in the cryptocurrency industry, which is already under scrutiny from regulators and policymakers.
FTX is one of the largest cryptocurrency exchanges in the world, with a market capitalization of over $25 billion. Bankman-Fried founded the company in 2019, but stepped down as CEO in April 2021. He was replaced by current CEO and co-founder, Gary Wang.
The news of Bankman-Fried’s proposal comes amidst a growing focus on cryptocurrency regulation. The US government is currently considering a number of measures to regulate the industry, including an increase in AML/KYC requirements and the implementation of a tax on transactions.
The news of Bankman-Fried’s proposal also comes at a time when the cryptocurrency industry is facing increasing scrutiny from regulators and policymakers. In the past few months, the US Treasury has issued a number of warnings about the risks associated with digital assets, and countries like China have implemented strict regulations on digital assets.
Although the proposal never made it to Trump, the story is likely to raise concerns in the cryptocurrency industry. It is important for the industry to maintain a good reputation in order to survive and thrive in the future. As such, it is essential that the industry takes steps to ensure that it is compliant with all relevant regulations. Furthermore, it is important for the industry to maintain a positive public image in order to attract more investors and customers.
