Web3 Forward and Crypto Innovation, two PACs supported by Sam Bankman-Fried and other crypto leaders are investing in ad campaigns to support candidates before the midterm elections.
PACs or Political Action Committees have been actively participating in elections by supporting candidates whose manifesto agrees with the crypto executives’ vision of crypto adoption.
For the upcoming Midterm Election Day on November 8, two PACs will support politicians from both Republicans and Democrats. The organization is set to spend 6 figures for ad-blitz.
The ad campaigns will span two weeks. PAC was supposed to support politicians from California, Oregon, Colorado, and Texas but currently, it is in the process of deciding who to support.
According to CNBC, these midterm elections are predicted to be the most expensive in the history of the US now that FTX CEO and billionaire Sam Bankman-Fried is backing the PACs.
This isn’t the first time the crypto leaders are backed by politicians. In fact, the past few US elections have been backed by PACs.
Web3 Forward has participated in 11 House and Senate races on 11 politicians out of which eight won while Five politicians backed by Crypto Innovation won the election in seven races.