By Richard Hines
Jeffrey S. Yass, the billionaire who co-owns prominent quantitative exchange protocol Susquehanna International Group and also recognized as a mega political benefactor; he and his wife take the spotlight as the next largest financial donor to the 2022 midterm election right after the fourth-biggest, FTX exchange giant Sam Bankman-Fried.
Yass Has Donated Around $30 Million In This Election Round
Yass contributions in digital currency has been reported to surpass everyone, including the FTX exchange giant. In the early days of July, Yass contributed an estimated 100 bitcoin (BTC), which was then valued at around $1.9 million, to the digital currency denomination of PAC, a delegate for the known Super PAC. According to catalog of the Federal Election Commission, this contribution exceeded other BTC-aided contributions ever made towards political activities.
For the likes of David Mclntosh, chief of the Club for Growth Action which is an affiliation of the Super PAC delegate, Yass’s donation was an indirect request for digital currency support. Crypto denomination of the PAC, simply put Crypto Freedom PAC, support nominees who contend federal cryptocurrency policies, Mclntosh added.
Yass’s recent interest in state affairs relating to crypto signals a major opening to national fundraising. This election round has seen over $30 million worth of cash contribution from the billionaire trader, which acts as an aid to facilitate school choices as well as conservative nominees. An added $6.5 million cash donation is pushed towards the economic conservative Club for Growth.
The Philadelphia-located Susquehanna International Group is being managed relentlessly to provide more job opportunities in its various offices, including the one sited in the Bahamas where Bankman-Fried is making moves to construct a shoreside digital currency unit for FTX.
Digital Currency PACs
Capitol Hill’s heightened focus on digital currency management has awakened the certain interest from PACs and other crypto industry-supported nominees. This has made the reports of cryptocurrency donations a necessary activity for crypto PACs and its supporters. Nonetheless, huge donations such as the 100 BTC from billionaire Yass is on a whole new level.
PAC had been documented to have traded the contributed coin in sections through BTC focused service River Financial. $2.2 million was realized from the transaction.
Prior to the exchange, arguments were raised concerning the coin being kept on hold for a little longer due to its reduced value, but the commission needed the cash to fund activities, Mclntosh conveyed.