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Home » Democratic incumbent defeated in primary after being targeted by cryptocurrency Super PAC ads
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Democratic incumbent defeated in primary after being targeted by cryptocurrency Super PAC ads

2024-06-26No Comments3 Mins Read
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Democratic incumbent defeated in primary after being targeted by cryptocurrency Super PAC ads
Democratic incumbent defeated in primary after being targeted by cryptocurrency Super PAC ads
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Jamaal Bowman, a House Representative for New York’s 16th Congressional District, has been defeated in the Democratic primary, which would have allowed him to retain his seat in 2025.

According to a projection from NBC News on June 26, Democratic challenger George Latimer is expected to win with approximately 58% of the vote, while Bowman received 42%. This projection is based on 84% of the votes reporting at the time of publication. The Fairshake political action committee (PAC) spent over $2 million on a media campaign opposing Bowman’s reelection. Instead of attacking his record on voting against pro-crypto bills, the campaign focused on claims of “pushing dangerous conspiracy theories.”

During his time in Congress, Bowman voted against the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a joint resolution that overturned a Securities and Exchange Commission rule on banks handling crypto. In contrast, Latimer has not made any notable statements regarding crypto or blockchain.

Bowman enjoyed support from many members of his party, but interest groups, including Fairshake and the United Democracy Project, spent $17 million to oppose the Democratic incumbent. The United Democracy Project is reportedly tied to the American Israel Public Affairs Committee. Bowman has been openly critical of Israel following its military actions in Gaza.

Before the primary election, New York Representative Alexandria Ocasio-Cortez (AOC) criticized Fairshake and the United Democracy Project for spending nearly $15 million to unseat a member of Congress, calling it “corruption” and “a core threat to American democracy.” On June 25, AOC won the Democratic primary for New York’s 14th Congressional District.

Gemini co-founder Tyler Winklevoss, who recently pledged $1 million to support Donald Trump in the 2024 presidential election (some of which was later returned), commented on June 25 that “this is what happens when you pick a fight with the crypto army.” It is likely that his comments were referring to Latimer’s primary victory.

In Utah, John Curtis, a Representative for Utah’s 3rd Congressional District, also won the Republican primary for the U.S. Senate on June 25. Fairshake’s affiliate PAC, Defend American Jobs, spent over $3 million on media buys supporting Curtis and approximately $1.2 million opposing challenger Trent Staggs. While Staggs’ stance on crypto is unclear, Rep. Curtis cosponsored the FIT21 Act and the CBDC Anti-Surveillance State Act, voted in favor of the joint resolution to overturn the SEC Staff Accounting Bulletin No. 121, and supported the SEC’s efforts to approve spot Bitcoin (BTC) exchange-traded funds. He also acknowledged that “crypto has become a significant part” of the U.S. economy.

With around $169 million in funding from crypto firms, including Coinbase and Ripple, Fairshake’s media campaigns may have already influenced U.S. voters. In March, California Representative Katie Porter lost a primary race for the U.S. Senate after a Fairshake ad claimed she received campaign contributions from “big pharma, big oil, and the big bank executives.” Another Fairshake affiliate, Protect Progress, supported Democratic candidates Shomari Figures and Julie Johnson, who won their respective primaries in Alabama and Texas.

Magazine:
Crypto voters are already making waves in the 2024 election — and their impact is expected to continue.

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