Samuel Bankman-Fried, founder and CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition and Forestry hearing on “Digital Asset Inspection: Risk, Regulation, and Innovation,” on Capitol Hill in Washington, DC, on February 9, 2022.
Saul Loeb | AFP | Getty Images
Network of Political Action Committees supported by crypto-industry leaders planning a last-minute ad campaign in support of congressional candidates, according to one of the groups’ lead strategists.
The strategist explained that Web3 Forward and Crypto Innovation, two super PAC companies funded by cryptocurrency executives, are expected to spend at least six figures on an advertising campaign that begins within two weeks. This person declined to be named to speak freely about the private planning.
The groups plan to invest in television advertising supporting candidates on both sides of the aisle a few days before midterm election day, November 8, this person said. PACs aim to initially broadcast their aid in California, Oregon, Colorado and Texas, but are still assessing the candidates they will support.
During the initial season, Web3 Forward supported Democrats running for Congress, while Crypto Innovation supported Republicans, according to Federal Election Commission records. No PAC has purchased any campaign ads since September, when the primary elections were drawing to a close.
Of the 11 House and Senate races Web3 Forward spent the money, eight of the group’s favorites won, according to data from nonpartisan OpenSecrets. Among the congressional candidates was Pennsylvania Senate candidate John Fetterman, whose support PAC has spent $212 thousand.
Crypto Innovation has invested in seven races, and five of its favorites have won. Among them was Ted Budd, the Republican candidate for the Senate from North Carolina backed by former President Donald Trump.
The spending By Crypto PACs it will add to a flurry of cash in what is expected to be the most expensive midterm election ever. Already, $6.4 billion has been poured into television, radio, and digital advertising.
The Democrats control the House and Senate, but only by tiny margins. The Senate is split 50-50 by party, and Democrats have to rely on the vice president Kamala Harris to break the tie.
A few Senate elections, including those in Georgia, Nevada, Pennsylvania and Arizona, will determine which party controls the Senate. Meanwhile, dozens of races across the country will determine whether Democrats can retain an eight-seat majority in the House.
Web3 Forward and Crypto Innovation are primarily funded by GMI PAC, another major PAC program that has seen massive donations from cryptocurrency leaders. Contributions include $2 million in January from FTX CEO Samuel Bankman-Fried.
The group also received $1 million each in May from Mark Andreessen and Ben Horowitz, managing partners of venture capital firm Andreessen Horowitz, records show. The company’s portfolio includes cryptocurrency companies.
Former Trump White House communications director and SkyBridge Capital founder Anthony Scaramucci donated $100,000 to Crypto Innovation in March, according to an FEC filing.
The GMI PAC board includes CMS Holdings co-founder Dan Matuszowski, Framework Ventures co-founder Vance Spencer, and FTX Digital Markets CEO Ryan Salameh, according to the crypto news outlet. Bloc.
Web3 Forward and Crypto Innovation did not respond to requests for comment prior to publication.
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