Home » Billionaire Quant Trader Donated a Record $1.9M of Bitcoin to a Super PAC

Billionaire Quant Trader Donated a Record $1.9M of Bitcoin to a Super PAC

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Jeffrey Yas is the billionaire co-founder and political mega-contributor of trading giant Susquehanna International Group (SIG). He and his wife are the fifth-largest contributors to the 2022 election, behind cryptocurrency exchange giant Sam Bankman Freed.

However, when it comes to crypto donations, Yass ranks higher than the FTX Chief. In early July, Yasu donated 100 Bitcoins (BTC), worth over $1.9 million at the time, to the Crypto Freedom PAC. This is the largest political donation denominated in Bitcoin ever recorded by the Federal Election Commission.

“Jeff wanted to show his support for cryptocurrencies,” said David McIntosh, president of the Club for Growth Action, which is linked to the Crypto Freedom PAC. He added that the Crypto PAC supports candidates who oppose government cryptocurrency regulation.

A voicemail message seeking comment from the SIG’s head of strategic planning and special counsel, David Pollard, was not immediately returned.

Yasu’s entry into crypto politics marks a new chapter for a major force in political financing. In this election cycle, he donated over $30 million of his money (most of it in cash, not crypto) to his PAC and conservative candidates who promote school choice.

As leading market maker and quant trading firm SIG continues to build its crypto business. new job suburban Philadelphia headquarters and new Bahamas officeBankman-Fried is also building a mecca for FTX’s offshore crypto business.

Crypto PAC

Capitol Hill’s move to spotlight cryptocurrency regulation has spawned a new wave of special interest group PACs and industry endorsement candidates. As a result, it is becoming more common for a candidate or her PAC to report contributions in Bitcoin, Ethereum (ETH), or stablecoins.

But a 100 Bitcoin donation is a whole other dimension. Jeff Yass donated $1.94 million in Bitcoin to his Crypto Freedom PAC on July 1, according to federal election disclosure data. PAC then sold a tranche of the cryptocurrency to him for $2.2 million through River Financial.

“There was some debate about whether or not we should keep it to see if it would come back, but we needed it for the race,” McIntosh said.

He said the PAC supports making the U.S. the global home of cryptocurrency innovation by limiting attempts by the government to over-regulate. It supports candidates who share that vision, including Republican Senate candidate Blake Masters of Arizona. heavily Invested in crypto.

Correction (October 27, 2022 03:13 UTC): The story has been updated to change the identity of the person quoted in the story to David McIntosh of the Crypto Freedom PAC and Club for Growth Action Communications Lead Joe Kildea’s Club for Growth Action. Kildare participated in the interview, but it wasn’t Kildare who said that.

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