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[Voters] don’t have any information about who’s giving until after the election, if at all… that’s very important so they can know who’s fueling the candidates they’re voting for, and what special interests are playing a role.”
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Jane Street has been an important player in cryptocurrency trading, and McClave has shown an interest in the federal government’s crypto policies. In 2022, hewrote a letterto the Securities and Exchange Commission urging the regulator to allow a Bitcoin fund to be listed on a subsidiary of the New York Stock Exchange. BergerjoinedJane Street after earning a PhD in mathematics from the University of California Berkeley.
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Like some other prominent political organizations on both sides of the aisle, Future Forward operates as two linked groups: a Super PAC, FF PAC, which is required to publicly disclose its donors, and a non-profit, Future Forward USA Action, which is not. Both groups are allowed to run ads supporting or opposing candidates, although the non-profit is not allowed to make that its “primary activity,” according toIRS rules.
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Future Forwardhas saidthat it raised a combined $208 million in 2023 between its Super PAC and non-profit. The bulk of that appears to have been raised by the dark-money non-profit, as the PAC onlyreportedraising about $25 million over the year, and more than $8 million of that was transferred from the non-profit, according to Federal Election Commission records.
It’s not clear whether McClave and Berger or their non-profit made additional donations to Future Forward last year – their group won’t be required to report grants it made in 2023 until after the election this November, and won’t have to report its 2024 spending until November 2025.
Biden himself has criticized the influence of dark money, and supportedlegislationthat would require organizations that spend money on elections to disclose large donors more promptly.
“There’s much — too much money that flows in the shadows to influence our elections,” Biden declared in a White Housespeechin 2022, adding that “dark money erodes public trust.”
“Right now, advocacy groups can run ads on issues attacking or supporting a candidate right until Election Day without exposing who’s paying for that ad,” Biden said – describing the kind of ads that Future Forward USA Action could run backing him later this year.
In addition to supporting Future Forward, McClave and Berger’s non-profit also gave another $7 million in 2022 to the Center for Voter Information, a group that works to encourage young people, women and minorities to vote and is run by a former Democratic political operative. It also made smaller donations to two other left-leaning groups.
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