The Fairshake group, a political action committee (PAC) supported by crypto companies like Ripple and Coinbase, has allocated over $2 million in an effort to oppose the current Democratic incumbent in the New York 16th Congressional District primary. Federal Election Commission data reveals that Fairshake has invested more than $2 million in a media campaign against the reelection of Democratic Representative Jamaal Bowman. As of June 16, external interest groups had contributed around $9 million opposing Bowman, who is competing against Democrat George Latimer in the June 25 primary.
While the Fairshake attack ad does not explicitly mention crypto or blockchain, it accuses Rep. Bowman of promoting “dangerous conspiracy theories” throughout his career. In response to previous opposition ads funded by a different Super PAC, prominent Democratic figures like Senators Bernie Sanders, Elizabeth Warren, and Alexandria Ocasio-Cortez have thrown their support behind Bowman’s reelection.
According to congressional records, Rep. Bowman voted against the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a joint resolution overturning a Securities and Exchange Commission rule on banks handling crypto. Latimer, a former member of the New York State Senate, has made minimal public statements on digital assets.
Moe Vela, a former Director of Administration for Vice President Biden, stated that such attacks are an effective strategy to mobilize voters but urged PACs to focus on policy rather than individual candidates. When contacted by Cointelegraph, Fairshake declined to comment on the issue, emphasizing the role of money in politics.
Fairshake’s influence on U.S. elections is already evident. Representative Katie Porter lost a primary race for the Senate in March after being targeted by the Super PAC’s ad, which accused her of accepting campaign contributions from various industries. Porter later claimed that the crypto industry attempted to suppress discussion on digital assets through the media buy.
As the U.S. approaches Election Day, the crypto industry’s involvement in politics continues to grow. Coinbase, an original supporter of Fairshake, donated an additional $25 million to the Super PAC in June, bringing its total funds to around $160 million. Crypto mining executives have also initiated a project to educate voters about Bitcoin (BTC) and influence U.S. elections.
In the upcoming presidential race, candidates include President Joe Biden, Republican Donald Trump, Independent Robert F. Kennedy Jr., and Libertarian Chase Oliver. President Biden and Trump are scheduled for a televised debate on June 27 ahead of their official nominations. The crypto community is already making its mark on the 2024 election and is expected to remain a significant force.