A network of political action committees supported by cryptocurrency industry leaders are planning a last-minute ad campaign in support of congressional candidates, according to one of the groups' chief strategists.
Web3 Forward and Crypto Innovation, two super PACs financed by the crypto executives, are both expected to spend at least six figures on an ad blitz starting in two weeks, the strategist explained.
During the primary season, Web3 Forward backed Democrats running for Congress, while Crypto Innovation supported Republicans, according to Federal Election Commission records.
The spending by the crypto PACs will add to a flurry of cash flowing in what are expected to be the most expensive midterm elections ever.
Former Trump White House communications director and SkyBridge Capital founder Anthony Scaramucci donated $100,000 to Crypto Innovation in March, according to an FEC filing.