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A pair of super PACs backed by cryptocurrency financiers are making a $2 million push to elect State Rep. Jasmine Crockett, D-Dallas, into the home stretch of her crowded congressional primary.
That’s a significant amount of money to commit to the race with less than three weeks left, and it shows how a nascent network of political action committees tied to the cryptocurrency world are mobilizing in one of the no longer under state surveillance on March 1.
Protect Our Future PAC announced Thursday that it is investing $1 million on Crockett’s behalf, while a second super PAC, Web3 Forward, first shared with The Texas Tribune on Friday that it is injecting an additional $1 million. in the race. The latter said he would spend his money on television commercials – they had already been airing on the air in Dallas since Thursday – and direct mail for Crockett.
Both super PACs are funded by or connected to a group of cryptocurrency investors who have great ambitions for mid-terms. Both groups were formed recently and have yet to disclose their donors, but Sam Bankman-Fried, co-founder and CEO of trading platform FTX, is said to help fund Protect Our Future. Web3 Forward is affiliated with the longer-running GMI PAC, whose major donors have included another top FTX executive.
Crockett is one of nine Democrats vying to succeed retired U.S. Representative Eddie Bernice Johnson, D-Dallas, in his solidly Democratic district. Johnson endorsed Crockett and campaigned for her.
Super PACs cannot coordinate with candidates. Crockett said she welcomes the support from both groups, calling their investment a sign of her campaign’s momentum.
“The fact that they’re putting that kind of money behind my candidacy only speaks to the strength of my candidacy,” she said.
Protect Our Future said it “supports candidates who take a long-term view of policy planning, particularly as it relates to pandemic preparedness and prevention.” Crockett said she was particularly excited about the group’s direction because it’s “something I talked about a lot” during the campaign trail.
Web3 Forward, on the other hand, seems to be more cryptocurrency focused. “Web3” is a term used to generally discuss the future of the internet and base it on the technology that powers decentralized currency.
“Web3 Forward supports Crockett because of its commitment to empowering Texans to create and use next-generation Web3 technologies that put power back in the hands of users, democratize financial access, and empower individuals to take back ownership. internet and their own data,” the super PAC said in a press release.
The group teased that it will have “more mentions in Texas and beyond in the days and weeks to come.”
Web3 redirect TV spot for Crockett is positive, underscoring Crockett’s leading role in breaking the House Democratic quorum last year to oppose the GOP’s priority election bill, though it ultimately passed. He also touts his support of Johnson and calls Crockett “the Democrat we can trust.”