The Fairshake Group, a political action committee (PAC) backed by cryptocurrency companies, spent the money
The Fairshake Group, a political action committee (PAC) backed by cryptocurrency companies including Ripple and Coinbase, spent more than $2 million to oppose the incumbent in the Democratic primary for Washington’s 16th Congressional District. New York.
According to data from the U.S. Federal Election Commission, Fairshake spent more than $2 million on a media campaign against the re-election of Democratic Rep. Jamaal Bowman. As of June 16, outside interest groups had contributed nearly $9 million to oppose Bowman, who will face Democrat George Latimer in the June 25 primary.
Fairshake’s attack ad, which did not specifically mention cryptocurrencies or blockchain, claimed that Rep. Bowman had spent his career “promoting dangerous conspiracy theories.” In response to previous opposition ads funded by various Super PACs, prominent Democratic lawmakers, including Sen. Bernie Sanders and Sens. Elizabeth Warren and Alexandria Ocasio-Cortez, have supported Bowman’s re-election.
According to congressional records, Rep. Bowman voted against the Financial Innovation and Technology for the 21st Century Act (FIT21) – a bill that received support from 71 Democrats and 208 Republicans in the House – and against anti-central bank surveillance of the central bank (CBDC). ) Mandate Act, a joint resolution repealing the Securities and Exchange Commission committee rule regarding banks dealing in cryptocurrencies. Latimer, who served in the New York State Senate from 2013 to 2018, has made few, if any, public statements on digital assets.
Mo Vela, former chief executive of then-Vice President Biden, told Cointelegraph that such attacks were an “effective tool” for mobilizing voters, but he encouraged political action committees to focus on legislation rather than on individual candidates. Cointelegraph contacted Fairshake, but the group declined to comment on the matter, adding:
“Our goal remains to support candidates on both sides of the aisle and in both chambers who will stop being political and adopt clear and responsible rules of conduct (…)”
Money in politics
Fairshake may have already influenced the US elections. California state Rep. Katie Porter lost her Senate primary race in March after being targeted by a Super PAC ad, which claimed she accepted campaign contributions from “Big CEOs Pharma, Big Oil and Big Bank.” Rep. Porter later said the cryptocurrency industry had attempted to “bury the conversation” about digital assets through media buys.
about: An “influx of money” from giant crypto political action committees could fund a potential challenger to Elizabeth Warren.
With less than five months until Election Day in the United States, the cryptocurrency industry continues to get involved in politics. Coinbase, an early backer of Fairshake, donated an additional $25 million to the Super PAC in June, bringing its total fund to nearly $160 million. Cryptocurrency mining executives have also launched a project aimed first at educating voters about Bitcoin (BTC) and then influencing the US elections.
The party’s leading presidential candidates include US President Joe Biden, Republican Donald Trump – who could face prison time in July after being convicted of 34 crimes – independent Robert F. Kennedy Jr. and liberal Chase Oliver. Presidents Biden and Trump are expected to hold a televised debate on June 27 before their official nomination.
review: Crypto Voters Have Already Disrupted the 2024 Elections – and It’s Set to Continue
