Sam Bank man-Fried, a cryptocurrency billionaire, spent a total of $11 million on an Oregon congressional race via a super PAC. The crypto industry is pouring money into the upcoming midterm elections. The limits of its influence are tested Tuesday in the Oregon primary. The super PAC Protect Our Future, which has $11 million in backing from cryptocurrency billionaire Sam Bank man-Fried, has spent heavily in a House primary election that is crowded and generated controversy. Flynn, who's never held public office, will get a boost from super PAC influence if elected. However, the crypt market has seen better days.
Big spending from Protect Our Future has contributed to the
Oregon House primary becoming the most expensive so far this election cycle.
This is not an opinion that is isolated but shared by several prominent
Democratic leaders and progressive groups who believe that the super PAC's
moves have precluded several progressive candidates of color from campaigning.
Kristian Ramos, an old Democratic strategist that has followed the race, had
this to say, Democrats don't like when people try to buy elections, and grassroots
campaigning can overcome the money spent by outside groups. This will be the
real test of that this election cycle.
The super PAC has shown no signs of slowing down - actually, it just last-minute purchased attack ads against one of Flynn's opponents, State Rep. Andrea Salinas. The super PAC had been pushing for Flynn for the last six weeks but didn't oppose any of Flynn's opponents. But this week, it opposed Salinas who, if elected, would be the first Latina to represent Oregon in Congress. Salinas has earned the support of Sen. Elizabeth Warren and other progressive Latino leaders, like the Congressional Hispanic Caucus' campaign arm. In just four days, Protect our Future spent more than $930,000 on digital, radio, and television ads, as well as mailings to defeat Salinas, according to Federal Election Commission filings. One of the TV ads that aired last week casts Salinas as a drug company lobbyist, saying We need politicians in Congress who will stand up to drug companies, not let them corrupt our politicians.
This marks the first time that the PAC has gotten involved
in an opposing candidate's campaign in any of the races that it has gotten
involved in this cycle. Protect Our Future has spent money in favor of other
Democrats running for congressional office this cycle — for instance,
Congressman Lucy McBath in Georgia and Jasmine Crockett in Texas — but its
largest expenditures have been in support of Flynn.
A super PAC funded by the co-founder & CEO of a
cryptocurrency exchange says it plans to support Democrats that take a
long-term view on policy-making and address matters such as pandemic
prevention.
Flynn has also benefited from intervention by House Majority
PAC, which has backed Flynn by spending $1 million on her behalf. That put HMP
at odds with BOLD PAC, the Congressional Hispanic Caucus' campaign arm, which
endorsed Salinas to represent the newly drawn district, which is 20% Latino.
Democrats are questioning the motives behind HMP's decision to back Flynn since
it's very rare for it to back a primary candidate and the new district -- which
President Joe Biden would have carried by 14 percentage points -- is not
currently being targeted by Republicans.
After HMP's embarrassing media blowback, BOLD PAC poured an additional $1 million into an advertising campaign on behalf of Salinas. Their message? We're doubling down on a strategy that aims to increase diversity in Congress, as well as defending our majority Democrats. Recent polls have shown Salinas leading Flynn 18% to 14% with the remainder of the field lagging in the single digits. There is a 4% margin of error. The polling found that Salinas led Flynn by a 16-point margin among those who have already voted, 39% to 23%.
Pollsters predicted that Salinas may not have been able to
overcome the voters' month-long, endless negative messaging, but the race
appears to have shifted in her favor over the past weeks. The situation became
much more competitive after BOLD PAC arrived on the scene, one of the
strategists told me, requesting anonymity to speak candidly about the race. But
it probably won't be enough.
All the best crypt!