Two super political action committees (PACs), Web3 Forward and Crypto Innovation, announced they would spend at least six-figure dollars investing in TV ads in the days leading up to the Nov. 8 midterm elections in support of U.S. candidates from both parties.
The two PACs are largely funded by GMI PAC, another super PAC that has received substantial donations from crypto leaders, including FTX CEO Samuel Bankman-Fried ($2 million in January) and a16z venture capitalist Marc Andreessen and Ben Horowitz ($1 million each).
Crypto PAC spending in the 2022 U.S. midterm elections is expected to be the most expensive on record, with $6.4 billion already flowing into TV, radio and digital advertising.