The Fairshake coalition, a political action committee (PAC) supported by cryptocurrency companies like Ripple and Coinbase, has invested over $2 million in opposing the current Democratic candidate in the primary for New York’s 16th Congressional District.
Based on data from the United States Federal Election Commission, Fairshake has spent more than $2 million on a media campaign to challenge the reelection of Democratic Representative Jamaal Bowman. As of June 16, external interest groups had collectively contributed around $9 million to oppose Bowman, who is competing against Democrat George Latimer in the upcoming June 25 primary.
The attack ad released by Fairshake does not directly reference cryptocurrency or blockchain technology, but accuses Rep. Bowman of promoting “dangerous conspiracy theories” throughout his career. In response to previous negative ads funded by a different Super PAC, prominent Democratic figures such as Senator Bernie Sanders, Senator Elizabeth Warren, and Alexandria Ocasio-Cortez have expressed their support for Bowman’s reelection.
According to congressional records, Rep. Bowman voted against the Financial Innovation and Technology for the 21st Century (FIT21) Act, a bill backed by 71 Democrats and 208 Republicans in the House of Representatives, as well as the CBDC Anti-Surveillance State Act and a joint resolution aimed at overturning a Securities and Exchange Commission rule related to crypto banking. Latimer, a former member of the New York State Senate from 2013 to 2018, has made minimal public statements regarding digital assets.
Moe Vela, a former Director of Administration for then-Vice President Biden, mentioned to Cointelegraph that such attacks can be an effective strategy to mobilize voters, but advised PACs to focus on policies rather than individual candidates. Fairshake declined to comment on the issue when contacted by Cointelegraph, stating:
The influence of money in politics is significant, with Fairshake potentially impacting U.S. elections. Representative Katie Porter from California lost a primary race for the Senate in March after being targeted by a Super PAC ad that accused her of accepting campaign contributions from major industries. Rep. Porter later stated that the cryptocurrency sector attempted to suppress discussions on digital assets through the media campaign.
As the U.S. approaches Election Day in less than five months, the cryptocurrency industry continues to engage in politics. Coinbase, an original supporter of Fairshake, contributed an additional $25 million to the Super PAC in June, bringing its total funds to approximately $160 million. Crypto mining executives have also launched an initiative to educate voters about Bitcoin (BTC) initially, with plans to later influence U.S. elections.
In the upcoming presidential election, candidates include U.S. President Joe Biden, Republican Donald Trump, Independent Robert F. Kennedy Jr., and Libertarian Chase Oliver. President Biden and Trump are scheduled for a televised debate on June 27 before their official nominations.
Magazine:
Crypto voters are already disrupting the 2024 election — and it’s set to continue.