Two political action committees (PACs) funded by leaders in the crypto industry are reportedly planning to spend at least six figures on ad campaigns for the midterm elections.
Citing an unnamed strategist of one of the groups, CNBC reports that the Web3 Forward and Crypto Innovation PACs want to pay for TV ads of congressional candidates from both the Republican and Democratic parties.
[adinserter block="1"]The PACs are still in the process of deciding which candidates to support, but records from the Federal Election Commission show that during the primary season, Web3 Forward supported Democrats and Crypto Innovation backed Republicans, according to CNBC.
Both PACs are preparing to launch the ads a few days before the midterm Election on November 8th, starting with campaigns in California, Colorado, Oregon and Texas.
GMI PAC, the super PAC that primarily provides funding for both Web3 Forward and Crypto Innovation, is the recipient of large donations from notable personalities in crypto.
The PAC’s backers include FTX CEO Samuel Bankman-Fried, who said during an interview early this year that he was willing to give large donations to help elect the right people in the government.
CNBC says that crypto bull and SkyBridge Capital founder Anthony Scaramucci donated $100,000 to Crypto Innovation in March, and Bankman-Fried gave GMI PAC $2 million in contributions in January.
Venture capital firm Andreessen Horowitz managing partners Marc Andreessen and Ben Horowitz also donated $1 million each in May.
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