Coinbase's "Stand With Crypto" PAC website is now confirming what I reported earlier.
More than 99% of the amount they claimed was raised by this supposedly "grassroots" PAC is in fact massive corporate contributions to the FairShake super PAC.
Coinbase's "Stand With Crypto" PAC website is now confirming what I reported earlier.
More than 99% of the amount they claimed was raised by this supposedly "grassroots" PAC is in fact massive corporate contributions to the FairShake super PAC.
The two candidates in today’s primaries that received substantial backing from cryptocurrency PACs both won their primaries.
1. John Curtis defeated Trent Staggs in the Republican Utah Senate primary, with the help of $5 million in crypto industry funding.
2. George Latimer defeated Jamaal Bowman in the Democratic primary for NY H-16, with the help of $2 million in crypto industry funding.
Ads run by these PACs made no mention of crypto or technology. In the NY race, ads from Fairshake seemed to align very closely with AIPAC’s aggressive campaign against Bowman, echoing their messaging accusing him of antisemitism.
“Defend American Jobs” was the PAC splashing out in the Utah race. They’re the Republican-focused crypto super PAC; “Protect Progress” is the Democrat counterpart.
Though Fairshake (nominally nonpartisan, and by far the highest fundraiser of the crypto PACs) previously made identical donations to both, they’ve just made another $5 million donation to Defend American Jobs without a corresponding donation to Protect Progress.
Defend American Jobs has raised $14.7 million so far this cycle; Protect Progress has raised $10.3 million.
Here's a glimpse at the spending in each race.
Other outside spending for Curtis mostly came from a super PAC called Conservative Values for Utah, with Defend American Jobs pitching in $5M last minute.
And as I mentioned, Bowman’s other opposition primarily came from AIPAC's UDP.
The cryptocurrency industry Super PAC Fairshake is now #1 out of all Super PACs by total funds raised.
They've raised more than $175 million to influence upcoming elections in the US, and have more than $100 million of it still waiting to deploy.
This month alone:
$25M from Andreessen Horowitz
$25M from Coinbase
$25M from Ripple
$10M from Jump Crypto
Total spending this election cycle:
Andreessen Horowitz: $48.9M
Coinbase: $52M
Ripple: $44.8M
Jump Crypto: $15M
Ryan Salame (former CEO of the Bahamian portion of FTX) has submitted his sentencing memo. He's asked for no more than 18 months imprisonment for his charges.
He was charged with conspiracy to operate an unlicensed money transmitting business and conspiracy to make unlawful political contributions and defraud the Federal Election Commission.
He argues that he was not substantially involved in the wrongdoing at FTX and instead lays much of the blame on others (mainly Bankman-Fried and Dan Friedberg).
He argues that his substance abuse (alcohol and unspecified drugs), charitable work, and family commitment should be considered in his sentencing.
Salame is the first of the four other high-level FTX employees to be sentenced. He pleaded guilty (as did all the others), but was the only one who did not have a cooperation agreement.
Salame has agreed to restitution (~$5.6 million) and forfeiture ($6 million, two properties, and a business) which he says "will leave him with no remaining assets".