A 26-year-old cryptocurrency executive single-handedly helped a political action committee spend big in support of Vermont state Sen. Becca Balint (D-Windham) during her successful Democratic primary campaign for the state’s sole U.S. House seat.
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In July, Nishad Singh, head of engineering for cryptocurrency exchange FTX, funneled $1.1 million to the LGBTQ Victory Fund Federal PAC, which then spent $991,911 on TV, digital and mailed ads that lauded the skills and experience of Balint, who is gay. She went on to defeat Lt. Gov. Molly Gray in the August 9 primary.
The Victory Fund had just $153,000 in the bank as of June 30, according to the organization’s filings with the Federal Election Commission.
During the month of July, according to an August 19 filing, the group received just five other donations aside from Singh’s, none larger than $10,000. Singh’s donation, in fact, is the PAC’s largest one-time haul from a single donor in its history.