Where Else Sam Bankman-Fried Has Scattered His Cryptocurrency Fortune

Elsewhere in the country, his PAC picked an incumbent and, in all cases other than Carrick Flynn, candidates with legislative track records.

Cryptocurrency billionaire Sam Bankman-Fried’s money is backing Democrats across the country who are facing competitive primary races. Nowhere has his political action committee spent more than in Oregon’s 6th Congressional District, where Bankman-Fried is backing political novice Carrick Flynn (“Bitcoin Republic,” WW, May 4). Elsewhere in the country, the PAC picked an incumbent and, in all cases other than Flynn, candidates with legislative track records.

Perhaps most notably for Oregon voters, Bankman-Fried donated $2 million to a cryptocurrency-backed PAC, which in turn is spending in another Oregon primary through an affiliated PAC. Oregon Labor Commissioner Val Hoyle is the presumed front-runner in the 4th Congressional District and is getting a boost from more than a half-million dollars in independent expenditures from Web3 Forward. Hoyle hasn’t gone on the record about cryptocurrency regulations but is considered a moderate Democrat.

“When our media consultant who tracks TV notified us that the group Web3 Forward had placed a TV buy, we were trying to figure out who it was supporting,” say Hoyle campaign manager Logan Gilles. “We saw the ad the same time everybody else did.”

WW looked through Federal Election Commission records to see who else is backed by Bankman-Fried. He has contributed $15 million to two super PACS, $13 million of which went to Protect Our Future. He donated another $24,000 directly to candidates and other PACS, FEC records show.

Where Protect Our Future PAC is spending money:

$10,277,511

Oregon 6th District

Status: Open seat

Candidate: Carrick Flynn

$1,919,430

Georgia 7th District

Status: Two incumbent congresswomen redistricted into a competitive primary

Candidate: U.S. Rep. Lucy McBath

$1,010,178

Ohio 11th District

Status: U.S. Rep. Shontel Brown, the incumbent, faced a high-profile challenge from a Bernie Sanders backer, making for a rematch of a primary from last year.

Candidate: Brown won with aid from this and other super PACs.

$1,057,382

Texas 30th District

Status: Open seat, retiring congresswoman

Candidate: Jasmine Crockett, a state representative who has the backing of the retiring incumbent, as well as U.S. Sens. Bernie Sanders and Elizabeth Warren. She came in first in the primary but faces a runoff.

$982,063

North Carolina 4th District

Status: Open seat, retiring congressman

Candidate: Valerie Foushee, a state senator. She was called the “favorite of the party establishment” by the Raleigh News & Observer, but it is a competitive primary.

$971,553

Kentucky 3rd District

Status: Open seat, retiring congressman

Candidate: Morgan McGarvey, minority leader in the state senate and the fundraising leader in his race.

Bankman-Fried contributed $2 million (of the $6 million) that the cryptocurrency-backed super PAC GMI has reported raising in the past six months. The PAC is explicitly seeking to promote policies favorable to cryptocurrency, spending $10 million this primary election season—”crypto community’s campaign arm,” a backer called it in January. It transferred $2 million to affiliated super PAC Web3 Forward.

Where Web3 Forward is spending money:

$504,208

Oregon 4th District

Status: Open seat, U.S. Rep. Peter DeFazio retiring

Candidate: Val Hoyle, who serves as Oregon labor commissioner, is considered the front-runner.

$212,787

Pennsylvania, U.S. Senate

Status: Open seat, retiring senator

Candidate: Lt. Gov. John Fetterman, a progressive, is considered the front-runner.

$1,324,740

Candidate backed by Protect Our Future and Web3 Forward

Texas 30th District

Status: Open seat, retiring congresswoman

Candidate: Jasmine Crockett