Democratic Primary Defeats: Crypto Influence and High-Stakes Opposition in U.S. Elections
Summary:
Jamaal Bowman, a U.S. House Representative for New York's 16th Congressional District, has been defeated in the Democratic primary by George Latimer. The Fairshake PAC spent over $2 million on media campaigns against Bowman, who is known for his opposition to crypto-legislation. Gemini co-founder Tyler Winklevoss alluded to the power of the 'crypto army' when commenting on the primary results. Furthermore, John Curtis, Representative for Utah's 3rd Congressional District, won the Republican primary for the U.S. Senate. Filings reveal a significant spending by a Fairshake-affiliate PAC on media campaigns supporting Curtis.
U.S. House Representative for New York's 16th Congressional District, Jamaal Bowman, has been defeated in the Democratic primary, potentially threatening his re-election in 2025. NBC News forecasted on June 26th that Democrat George Latimer would emerge victorious over Bowman, estimating a 58% to 42% win, based on 84% of reported votes. Bowman’s re-election campaign was challenged by the Fairshake political action committee (PAC), which spent over $2 million on media content against Bowman, focusing its attacks not on his cryptovote record, but on alleged propagation of 'dangerous conspiracy theories.'
During his tenure in Congress, Rep. Bowman opposed a series of crypto-legislation, including the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a resolution to overturn a rule on cryptocurrency management by banks set by the Securities and Exchange Commission (SEC). On the other hand, his Democratic rival Latimer has not publicized any strong opinions on either crypto or blockchain technology.
Bowman had drawn widespread backing from his party, yet he faced a barrage of opposition from several PACs including Fairshake and the United Democracy Project, reportedly linked to the American Israel Public Affairs Committee. These groups poured in $17 million in total to counter Bowman, who'd been vocally critical of Israel following its military operations in Gaza.
Prior to the primary election, fellow New York Representative Alexandria Ocasio-Cortez (AOC) criticized Fairshake and the United Democracy project for injecting almost $15 million to unseat a congressional member, describing the move as a fundamental threat to American democracy. AOC secured victory in the New York's 14th Congressional District Democratic primary on June 25.
Gemini co-founder Tyler Winklevoss, who voiced support for Donald Trump in the 2024 Presidential race, recently attributed the primary election to the power of the 'crypto army'. His statement presumably referred to Latimer's success in the primary.
In another recent primary result, John Curtis, who serves as Representative for Utah's 3rd Congressional District, won the June 25 Republican primary for the U.S. Senate. Fairshake's associate PAC, Defend American Jobs spent above $3 million on media campaigns to support Curtis, while allocating roughly $1.2 million to counter challenger Trent Staggs.
Curtis is known to have co-sponsored the FIT21 Act and the CBDC Anti-Surveillance State Act. Additionally, he voted in favor of a joint resolution to revoke the SEC Staff Accounting Bulletin No. 121 and has been a vocal supporter of the SEC’s efforts to green-light spot Bitcoin exchange-traded funds, noting that "crypto has become a significant part" of the U.S. economy.
Fairshake's media efforts, fueled by approximately $169 million from crypto companies such as Coinbase and Ripple, have seemingly impacted U.S. voters. In March, Representative Katie Porter’s bid for the U.S. Senate was thwarted post-primary, following a Fairshake ad accusing her of accepting donations from "big pharma, big oil, and big bank executives". Protect Progress, a Fairshake affiliate, endorsed Democratic candidates Shomari Figures and Julie Johnson, who were successful in their respective primaries in California and Texas.
Published At
6/26/2024 7:24:14 PM
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