FTX Co-CEO Donates $4M to Republican PAC Ahead of US Midterm Elections

FTX Digital Markets Co-CEO Ryan Salame has donated $4 million to a political action committee aligned with Republican candidates, according to Politico.

American Dream Federal Action will back candidates “who want to protect America’s long-term economic and national security,” its website read Monday. It is focused on “conservative leaders,” according to a statement Salame shared with Politico.

While not specifically a crypto PAC, the new organization is another example of the crypto industry flexing its muscles in the political horserace. Salame has already given $10 million to GMI PAC, which is crypto-focused, in this election cycle.

PAC spending is just one tool in the industry’s political war chest. Separately, crypto companies are mounting aggressive influence campaigns in statehouses in an effort to lobby for favorable local laws.

Salame’s FTX co-CEO, Sam Bankman-Fried, was among President Joe Biden’s biggest financial backers in the last election cycle.