Samuel Bankman-Fried, founder and CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition and Forestry Committee hearing on “Digital Asset Inspection: Risk, Regulation Define and Innovate”, at Capitol Hill in Washington, DC, on February 9, 2022.
Saul Loeb | AFP | beautiful pictures
A network of political action committees Supported by crypto industry leaders are planning a last-minute advertising campaign to support congressional candidates, according to one of the group’s chief strategists.
Web3 Forward and Crypto Innovation, two super PACs funded by crypto executives, are both expected to spend at least six figures on an ad starting in two weeks, the strategist explained. prefer. The person declined to be named to speak freely about the private plan.
The group plans to invest in TV commercials supporting candidates from both sides of the aisle just days before Midterm Election Day, Nov. 8, the person said. is releasing their aid in California, Oregon, Colorado and Texas, but is still assessing which applicants they will support.
During the main season, Web3 Forward supported Democrats running for Congress, while Crypto Innovation backed Republicans, according to Federal Election Commission filings. Neither PAC has purchased any campaign ads since September, when the primaries were drawing to a close.
Of the 11 House and Senate races that Web3 Forward spent money on, eight of the group’s preferred candidates won, according to data from nonpartisan OpenSecrets. Those congressional hopes include Pennsylvania Senate candidate John Fetterman, whom the PAC has spent $212,000 to support.
Crypto Innovation has invested in seven races, and its five favorites have prevailed. They include Ted Budd, the North Carolina Republican Senate candidate backed by former President Donald Trump.
The spending by crypto PACs will add a splash of cash in what is predicted to be the most expensive midterm election ever. There is now $6.4 billion poured into TV, radio and digital advertising.
Democrats control the House and Senate but only by a small margin. The Senate is split 50-50 by party and Democrats must rely on the Vice President Kamala Harris for breakout votes.
A handful of 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 shape whether Democrats can keep their eight-seat majority in the House.
Web3 Forward and Crypto Innovation is funded primarily by GMI PAC, another super PAC that has received massive donations from crypto leaders. Contributions include $2 million in January from FTX CEO Samuel Bankman-Fried.
The group also received $1 million each in May from Marc Andreessen and Ben Horowitz, two managing partners at venture capital firm Andreessen Horowitz, filings show. The company’s portfolio includes crypto 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.
GMI PAC’s founding board of directors includes CMS Holdings co-founder Dan Matuszewski, Framework Ventures co-founder Vance Spencer and FTX Digital Markets CEO Ryan Salame, according to crypto news site Unit.
Web3 Forward and Crypto Innovation did not respond to requests for comment prior to publication.
