New crypto-backed Super PACs launch as midterms loom

Several new cryptocurrency political action committees (PACs) have formed in the past few days, setting up a Bitcoin battle in the midterm elections.

The Financial Freedom PAC, also called the Bitcoin PAC, which was introduced by Bitcoin magazine’s Grant McCarty Friday, will support “candidates that aim to defend and uphold the following rights of Bitcoin owners in the United States.” The group has listed four candidates it currently supports and says more will be added in the coming weeks and months.

Backing the Bitcoin PAC is another McCarty-launched organization, the Bitcoin Advocacy Project, which will help the PAC “vote out anti-Bitcoin politicians like Brad Sherman and Elizabeth Warren.”

Meanwhile, FTX Digital Markets co-CEO Ryan Salame launched the American Dream Federal Action Monday, a PAC that he said in a statement would support “forward-looking Republican candidates who want to protect America’s long-term economic and national security.”

The PAC’s website eliminates his mention of Republican candidates. Salame is initially putting $4 million into the PAC.

These new PACS are hardly the first to court crypto enthusiasts. Earlier this year, a hedge fund that includes former President Donald Trump’s communications director Anthony Scaramucci announced PAC GMI (“Gonna Make It”), which plans on spending $20 million to  help “elect pro-crypto candidates in federal races.” (Salame is a supporter of that PAC as well.) And the Protect Our Future and Web3 Forward Super PACs have both pledged $1 million to support Texas State Rep. Jasmine Crockett, a Democrat, ahead of her upcoming congressional primary race.

The rise of crypto PACs comes as federal officials have been talking about crypto regulation in the past year. Some are highly skeptical, but others feel the changes are important for both national security and economic stability.