Crypto-linked super PACs boost spending on primary races

More than 72 percent of that, $19.8 million, has come from Protect Our Future, funded mostly through donations from FTX founder and CEO Sam Bankman-Fried and Nishad Singh, the companys director of engineering. Bankman-Fried has contributed $23 million of the $24.2 million the PAC has raised so far, and Nishad $1 million, according to FEC filings.

Bankman-Fried who at 30 had an estimated net worth of $8.8 billion as of Wednesday, according to the Bloomberg Billionaires Index, despite the recent crash in cryptocurrency markets  is relatively new to the political scene. But his giving escalated in both amount and sophistication since he emerged as a donor last cycle. 

Bankman-Frieds donations to Protect Our Future alone quadruple the $5.7 million he spent during the entire 2020 election. All-in this cycle, Bankman-Fried has spent at least $32.8 million spread out over dozens of Democratic and Republican candidates, and PACs, including a $6 million donation to the House Majority PAC, the biggest outside group supporting House Democratic candidates.  

Protect Our Future PAC spent $11.4 million in Oregons 6th District, with $10.5 million going to support Flynn and $938,600 opposing Salinas.

So far, the PAC has spent money in support of candidates in 10 other Democratic primaries in California, Georgia, Illinois, Kentucky, New Jersey, North Carolina, Ohio and Texas. That included a fight between two sitting Democrats in Georgia, Lucy McBath and Carolyn Bourdeaux, in a redrawn district. The PAC spent $1.9 million in support of McBath, who won.