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Two Super PACs Financed By FTX Are Expected To Spend On An Ad Blitz

A network of political action committees sponsored by FTX, Sam Bankman-Fried, and other crypto heavyweights is apparently plotting a last-minute advertising push for the 2022 midterm elections.

Two Super PACs Financed By FTX Are Expected To Spend On An Ad Blitz 2

The PACs are part of an expanding network of political action committees centered on the cryptocurrency exchange, which has seen CEOs Bankman-Fried and Salame emerge as some of the largest political donors in recent cycles in the United States.

CNBC reported Friday, citing an anonymous strategist, that Super PACs Web3 Forward and Crypto Innovation aim to spend six figures on advertising for the midterm elections. The advertising campaign will begin in two weeks.

According to Federal Election Commission records, the two Super PACs reported a total of more than $8 million in funding as of the end of September. GMI PAC, an initiative launched by FTX Digital Markets head Ryan Salame, is their principal funder.

Over $11 million has been donated to the group by contributors such as Bankman-Fried, Circle, and investment businesses such as Paradigm, a16z, and Multicoin.

Anthony Scaramucci and his business Skybridge Capital gave a total of $200,000 to Crypto Innovation.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.