This Crypto Exchange Will Donate Largely to the US Elections: Which Candidate Is It Supporting?

FTX, Sam Bankman-Fried and other cryptocurrency A network of political action committees funded by their leaders is reportedly planning a last-minute spike in advertising for the 2022 midterm elections.

Numerous Cryptocurrency Representatives, Including FTX, Will Donate to the US Elections

Citing an unnamed strategist, CNBC reported that political action committees Web3 Forward and Crypto Innovation are planning to spend six-figures on advertising for the midterm elections. The ad campaign will begin in two weeks.

Two political action committees reported total funding of over $8 million as of the end of September, according to data from the Federal Election Commission. The main funders are GMI PAC, a project spearheaded by Ryan Salame, head of FTX Digital Markets.

The organization has received over $11 million in funding from donors including Bankman-Fried, Circle, as well as investment firms Paradigm, a16z and Multicoin.

Hedge fund manager Anthony Scaramucci and his firm, Skybridge Capital, contributed a total of $200,000 to Crypto Innovation.

Political action committees, where executives such as Bankman-Fried and Salame have recently emerged as some of the largest political donors in the United States. bitcoin and organizations that have grown around the cryptocurrency exchange.

It was learned that Sam Bankman-Fried, one of the youngest billionaires in the world, donated huge amounts to Democratic presidential candidate Joe Biden in the past period. Bankman-Fried is presumed to have had considerable influence in US politics.

*Not investment advice.