WASHINGTON — A super PAC with ties to the cryptocurrency industry is spending big to back state Rep. Patrick Branco in his bid for Hawaii’s 2nd Congressional District.
Public filings with the Federal Communications Commission show Web3 Forward has bought more than $100,000 in television advertising to support Branco in his race against former state Sen. Jill Tokuda, who polls suggest is the frontrunner.
Web3 Forward is a relatively new political organization that backs Democratic candidates who it believes will create a friendly regulatory environment for the “blockchain innovators” spearheading efforts to legitimize and profit from digital currencies, such as Bitcoin.
Federal Election Commission records show that Web3 Forward’s sole donor is GMI PAC, which is a separate super PAC funded by major players in crypto.
So far, GMI PAC has reported raising nearly $10 million in the current 2022 election cycle. Its list of donors includes Samuel Bankman-Fried, who’s the billionaire...
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