Cryptocurrency companies and executives continue to expand their involvement in the midterm election campaign.
A cryptocurrency executive is launching a new PAC, the latest in a string of crypto-linked political action committees popping up ahead of the midterms.
FTX Digital Markets co-CEO Ryan Salame will launch American Dream Federal Action today, a new PAC supporting “forward-looking Republican candidates who want to protect America’s long-term economic and national security.” Salame is putting an initial $4 million into the PAC, which will have a broader focus on national and economic security, in addition to cryptocurrency.
“We look forward to supporting forward-looking conservative leaders who understand the urgency of advancing smart policies that set America up for success,” Salame said in a statement announcing the PAC.
It’s the latest example of cryptocurrency interests spending cash across the election landscape as individual candidates embrace bitcoin on the campaign trail and Congress eyes new regulations.
Salame isn’t the only crypto executive launching a political group, and American Dream Federal Action PAC is not Salame’s only political venture. A group of crypto financiers launched GMI PAC earlier this year, with aims to spend $20 million to boost congressional candidates. Salame is among the super PAC’s early backers, along with CMS Holdings co-founder Dan Matuszewski and SkyBridge Capital, the hedge fund led by former Trump communications director Anthony Scaramucci.
A pair of PACs founded by cryptocurrency moguls have already poured millions into congressional primaries. Protect Our Future PAC and Web3 Forward, both super PACs, spent more than $2 million to boost Texas Democrat Jasmine Crockett in the March primary. FTX co-founder and CEO Sam Bankman-Fried is involved in Protect Our Future, while Web3 Forward is linked to GMI PAC.
Protect Our Future has even waded into the member-vs-member primary between Georgia Reps. Lucy McBath and Carolyn Bourdeaux, giving McBath a $2 million boost. The group has endorsed Rep. Ritchie Torres (D-N.Y.) and Democratic candidate Nikki Budzinski in Illinois’ 13th Congressional District, with plans to spend $10 million in Democratic primaries this year.
