You are here: Home / Industry / FTX flexes its muscle by pumping $4M to a Republican PAC
by Lipika Deka
In a show of strength, FTX Digital Markets co-CEO Ryan Salame has contributed $4 million to a new political action committee or PAC that claims to support “forward-looking Republican candidates who want to protect America’s long-term economic and national security.”
As revealed by Politico, the FTX top exec will unveil the new PAC dubbed American Dream Federal Action which will have a broader focus on national and economic security, in addition to cryptocurrency. Announcing the same, Salame released a statement saying,
“We look forward to supporting forward-looking conservative leaders who understand the urgency of advancing smart policies that set America up for success.”
What is crypto PAC?
For the uninitiated, it is a political organization, that comprises a cadre of crypto heavyweights to represent its interests in DC. The crypto market has seen its participants gradually flex their muscles to mount pressure on the skeptical Washington political class.
Several crypto-focused firms and top-level executives have in the past committed to numerous initiatives to expand their involvement in the midterm election campaign and make their voices heard in the mainstream.
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. However, Salame isn’t the only crypto executive launching a political group.
FTX also remains the primary backer of super PACs
Earlier in 2022, a group of crypto financiers launched GMI PAC, aiming 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.
Another instance of cryptocurrency moguls pouring millions into congressional primary elections was Protect Our Future PAC and Web3 Forward, both called super PACs, which spent above $2 million to boost Texas Democrat Jasmine Crockett in the March elections.
FTX co-founder and CEO Sam Bankman-Fried are involved in Protect Our Future, while Web3 Forward is linked to GMI PAC.
The rise of crypto PACs comes as federal agencies have been working on crypto regulation in the past year. Some remain highly skeptical, but others feel the changes are necessary for both national security and economic stability.