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Cryptocurrency Creeps into Politics

Millions are being put into midterm campaigns across the country by the cryptocurrency industry. Its influence will be tested on Tuesday at the primaries in Oregon showing the novel ways cryptocurrency is fast mixing with politics.

Protect Our Future is supporting Democrat Carrick Flynn and has spent a whooping sum of $11 million. Protect Our Future is a super PAC that is supported by Sam Bankman-Fried, the cryptocurrency billionaire.

Flynn is a first-time candidate, and a victory for him would mean an exercise in political power by the Super PAC. This might be a good one for the cryptocurrency industry as it seeks to get some morale after a serious down moment in recent times.

With funds from Protect Our Future in the race, this has made the Oregon contest the most expensive House primary so far.

Grassroot Politics Over High Spending

The Oregon contest has become very costly due to the high spending of Protect Our Future, speaking on the development, Kristian Ramos, a long-time Democratic strategist who has followed the race keenly, said that the Democrats believe more in grassroot organising rather than outspending in election cycles. However, she noted that this will be a test to see how much the influence of cryptocurrency funds can overthrow the election.

The contest is getting tougher, and PAC is not showing any sign of pulling back. Recently, the PAC continued to spend money on attack ads aimed at one of Flynn’s main opponents. Although Protect Our Future has been throwing money since February in support of Flynn, it was only in the last week that it started spending in opposition to Andrea Salinas, a state Rep who would be the first Latina to represent Oregon in Congress if elected.

Salina, however, has the support of quite several elected officials from the Progressive and Latino communities, including Sen. Elizabeth Warren.

According to a report from Federal Election Commission filings, Protect Our Future has spent nothing short of $930,000 on radio, digital, and television ads and mail services, all against Salinas.

A TV ad alleged that Salinas got funded through drug companies. The ad was quoted to say, “We need leaders in Congress who will take on drug companies and not take money from them.”

Flynn is not the only Democrat that Protect Our Future has been spending on, as they back other Democrats up. Two of them are Pep. They have, however, spent more on Flynn.