FTX Digital Markets co-CEO Ryan Salame will launch Federal American Dream Action today, a new PAC supports "forward-thinking Republican candidates who want to protect America's long-term economic and national security." Salame is putting an initial $4 million into the PAC, which will have a broader focus on national and economic security, in addition to cryptocurrency.
โWe look forward to supporting forward-thinking conservative leaders who understand the urgency of advancing smart policies that set America up for success,โ Salame said in a statement announcing the PAC.
It is the latest example of cryptocurrency interests spending cash on the electoral landscape as individual candidates. hug bitcoin in the electoral campaign and the eyes of Congress new regulations.
Salame is not the only crypto executive launching a political group, and American Dream Federal Action PAC is not Salamรฉ's only political enterprise. A group of crypto financiers launched GMI PAC earlier this year, with a goal of spending $20 million to boost candidates for Congress. Salame is among the early backers of the super PAC, along with CMS Holdings co-founder Dan Matuszewski and SkyBridge Capital, the hedge fund run by former Trump communications director Anthony Scaramucci.
A pair of PACs founded by crypto tycoons have already poured millions into congressional primaries. Protect Our Future PAC and Web3 Forward, both super PACs, spent more than $2 million to boost Texas Democrat Jasmine Crockett in the March primary. Co-founder and CEO of FTX Sam Bankman-fried participates in Protect Our Future, while Web3 Forward is linked to GMI PAC.
Protect Our Future even got into the member vs. member primary between Georgia representatives Lucy McBath and Carolyn Bourdeaux, giving McBath a $2 million boost. The group has endorsed Rep. Ritchie Torres (DN.Y.) and Democratic candidate Nikki Budzinski in Illinois' 13th congressional district, with plans to spend $10 million on this year's Democratic primary.
