Crypto-backed Fairshake PAC Targets Incumbent in NY's 16th District Primary
Summary:
The Fairshake Political Action Committee (PAC), backed by crypto firms such as Ripple and Coinbase, has invested over $2 million to challenge the incumbent candidate in the Democratic primary for New York’s 16th Congressional District. The cryptocurrency industry is becoming increasingly politically engaged, with some crypto mining executives starting initiatives to educate voters about Bitcoin and other digital assets. Major proponents like Coinbase have made significant donations to PACs. This has led to questions around campaign funding, legislative measures, and a focus on individual political candidates legislating the digital asset space.
The Fairshake Political Action Committee (PAC), supported by crypto companies such as Ripple and Coinbase, has invested over $2 million in an effort to challenge the current representative of New York's 16th Congressional District in the Democratic primary. As per the United States Federal Election Commission, Fairshake has put this money into a media campaign aimed at resisting the re-election of Democratic Representative Jamaal Bowman. As of June 16, outside groups have put up nearly $9 million in opposition to Bowman, who is running against fellow Democrat George Latimer in a primary election scheduled for June 25.
Fairshake's advertisement campaign against Bowman doesn't specifically mention cryptocurrency or blockchain technology, but it did accuse Bowman of supporting “dangerous conspiracy theories” throughout his profession. This is in response to previous opposition-funded ads by another Super PAC. Influential Democratic legislators, including Senators Bernie Sanders and Elizabeth Warren, as well as Representative Alexandria Ocasio-Cortez, have shown support for Bowman's re-election.
Legislative archives reveal that Rep. Bowman rejected the Financial Innovation and Technology for the 21st Century (FIT21) Act, which was supported by 71 Democrats and 208 Republicans in the House, the CBDC Anti-Surveillance State Act, and a joint resolution aimed at reversing a rule on how banks interact with cryptocurrency enforced by the Securities and Exchange Commission. George Latimer, who previously served in the New York State Senate from 2013 to 2018, has seldom expressed public views on digital assets.
Moe Vela, former Director of Administration for then-Vice President Biden, informed Cointelegraph that such campaigns can effectively mobilize voters. However, he urged PACs to focus on policymaking rather than individual political candidates. Fairshake was contacted for a comment but declined, emphasising their commitment to backing candidates who support clear and responsible regulations on both sides.
In regard to campaign funding, Fairshake has already influenced U.S. elections. California Representative Katie Porter lost her primary Senate race in March after being targeted by the Super PAC’s ad. She accused the crypto industry of trying to control the narrative regarding digital assets.
Related: A massive influx of funding from crypto aligned Super PACs could back a potential contender against Elizabeth Warren.
With the U.S. election just five months away, the crypto world is becoming more politically engaged. Coinbase, one of the original supporters of Fairshake, donated another $25 million to the Super PAC in June, bringing the total to approximately $160 million. Crypto mining executives are also working to educate voters about Bitcoin (BTC) and subsequently influence U.S. elections.
Presidential candidates include current U.S President Joe Biden, Republican Donald Trump - potentially facing a prison sentence in July due to 34 felony convictions - Independent candidate Robert F. Kennedy Jr. and Libertarian Chase Oliver. Biden and Trump are expected to have a televised debate on June 27 prior to official party nominations.
Crypto voters are already having an impact on the 2024 election, a trend that seems likely to persist.
Published At
6/18/2024 12:59:34 AM
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