finance
Crypto Super PAC Spends $300,000 on New York House Primary
A crypto super PAC that previously backed only Republicans spent $300,000 to support a Democratic candidate in a New York congressional primary. The spending occurred through an advertising firm co-founded by a former Republican congressional candidate.
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The money was directed through an advertising firm co-founded by a former Republican congressional candidate. The candidate faces no serious opposition in the June 23 primary. A public poll showed the candidate far ahead of the leading opponent.
The super PAC's largest funder is an investment bank whose sons lead the firm. The same super PAC previously endorsed only Republican candidates. Its chair is the vice president of regulatory affairs for a stablecoin company. The media buy was made through the advertising firm.
The super PAC received $10 million from the investment bank, which serves as custodian for billions of dollars in U.S. Treasury bills.
A second super PAC affiliated with a larger crypto organization spent nearly $1.4 million on advertising for the same candidate. The two super PACs are aligned with different factions of the crypto industry. The second super PAC has been funded by a crypto exchange and a venture capital firm.
The candidate serves on the House Committee on Financial Services and co-founded the Congressional Crypto Caucus.
