Democratic Representative Jamaal Bowman, representing New York’s 16th Congressional District, recently voted against three pro-crypto bills. In response, the Fairshake political action committee (PAC), supported by crypto firms like Ripple and Coinbase, has launched a $2 million media campaign against him.
Bowman Faces Heavy Opposition
Federal Election Commission data reveals that Fairshake has allocated over $2 million to oppose Rep. Bowman in the Democratic primary for New York’s 16th Congressional District. By June 16, outside groups had contributed around $9 million against Bowman, who competes against Democrat George Latimer in the June 25 primary.
The attack ad from Fairshake criticizes Bowman for allegedly promoting “dangerous conspiracy theories” but does not directly reference cryptocurrency or blockchain. In light of these attacks, prominent Democratic lawmakers such as Senator Bernie Sanders, Senator Elizabeth Warren, and Representative Alexandria Ocasio-Cortez have expressed support for Bowman’s reelection.
Bowman’s Legislative Stance on Crypto
Congressional records indicate that Bowman opposed the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a joint resolution challenging a Securities and Exchange Commission rule on banks handling crypto. These votes put him at odds with 71 Democrats and 208 Republicans in the House who supported the FIT21 Act. George Latimer, Bowman’s primary opponent, has remained relatively silent on digital asset issues.
Fairshake’s Broader Impact
Moe Vela, a former Director of Administration for then-Vice President Biden, told that attack ads can effectively mobilize voters. However, he urged PACs to focus more on legislative issues than individual candidates. Fairshake declined to comment but emphasized their commitment to supporting candidates who aim to establish clear and responsible regulatory frameworks.
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Fairshake’s influence extends beyond New York. In March, California Representative Katie Porter lost a primary race for the Senate after being targeted by Fairshake’s ads, which accused her of accepting donations from major industries. Porter later criticized the crypto industry’s efforts to “bury a conversation” on digital assets through extensive media buys.
Crypto Industry’s Political Engagement
With less than five months until Election Day, the crypto industry is increasingly involved in politics. Coinbase, a key Fairshake backer, contributed an additional $25 million to the Super PAC in June, bringing its total funds to approximately $160 million. Additionally, crypto mining executives have launched initiatives to educate voters on Bitcoin and influence U.S. elections.
The presidential race features major candidates including President Joe Biden, Republican Donald Trump, Independent Robert F. Kennedy Jr., and Libertarian Chase Oliver. Biden and Trump are slated for a televised debate on June 27 ahead of their official nominations.
