Fairshake, a political action committee (PAC) supported by major crypto companies Ripple and Coinbase, is spending over $2 million on advertisements in opposition to Democratic Representative Jamaal Bowman in the primary for New York’s 16th Congressional District.
Recent data from the United States Federal Election Commission shows that Fairshake is heavily investing in a media campaign to prevent Rep. Bowman’s reelection. As of June 16, outside interest groups have contributed around $9 million to oppose Bowman, who is facing a primary challenge from Democrat George Latimer on June 25.
The attack ads funded by Fairshake do not directly reference cryptocurrencies or blockchain technology, but instead accuse Rep. Bowman of spreading “dangerous conspiracy theories” throughout his career. Despite this, notable Democratic figures like Senator Bernie Sanders, Senator Elizabeth Warren, and Alexandria Ocasio-Cortez have expressed support for Bowman in response to previous attack ads funded by a different Super PAC.
Congressional records indicate that Rep. Bowman has voted against several bills related to the crypto industry, including the FIT21 Act, the CBDC Anti-Surveillance State Act, and a joint resolution aimed at overturning an SEC rule on banks’ handling of cryptocurrencies. In contrast, Latimer, a former New York State Senator, has not made many public statements on digital assets.
Fairshake’s involvement in elections has already made an impact, as seen in California Representative Katie Porter’s loss in a primary race after being targeted by a Super PAC ad. Rep. Porter claimed that the crypto industry was trying to stifle discussions on digital assets through this media campaign.
As the U.S. approaches the upcoming election day, the crypto industry remains engaged in politics. Coinbase, an initial supporter of Fairshake, has donated an additional $25 million to the Super PAC, raising the total funds to approximately $160 million. Additionally, crypto mining executives have launched a project to educate voters about Bitcoin and influence U.S. elections.
Surveys show that a significant number of voters consider a candidate’s stance on cryptocurrencies before making their voting decision. The Harris Poll found that one in three voters in the US prioritize this issue. Another survey by Paradigm, a leading crypto venture capital firm, indicates strong support for Trump in the 2024 US Presidential Election from the crypto community.
A recent report from Coinbase suggests that California voters who own cryptocurrencies will have a considerable impact on the 2024 elections. The crypto industry’s involvement in politics continues to evolve as the election day draws closer.
