Sam Bankman-Fried, the head of crypto exchange FTX, in an interview with Politico's Morning Money backtracked on his remarks that he would donate up to $1 billion in the next U.S. presidential election.

Earlier this year, the billionaire had said that he would spend lnorth of $100 millionr on future political campaigns. In the Politico interview, Bankman-Fried took back the statement, calling it a "dumb quote."

Bankman-Fried has spent almost $40 million on political action committees and campaigns this year, the bulk of it going to the Democratic party and its candidates. He was one of the single largest donors behind Joe Biden's successful 2020 presidential campaign.

lAt some point, when you've given your message to voters, there's just not a whole lot more you can do,r Bankman-Fried said. lYou can spend more time on it, and more messaging, more money, more anything else, [but] you're not accomplishing anything more.r

Read more: FTX's Bankman-Fried Is Already a Political Mega-Donor. He's Doubling Down