Incumbent Democrat loses primary after being targeted by crypto Super PAC advertisements

Update (June 26 at 6:07 pm UTC): An earlier version of this report mistakenly mentioned that Shomari Figures won a primary in California instead of Alabama.
Jamaal Bowman, a Congressman representing New York’s 16th Congressional District, has been defeated in the Democratic primary, jeopardizing his chances of retaining his seat in 2025.
As per a June 26 forecast by NBC News, Democratic contender George Latimer is poised to triumph over Bowman by a margin of approximately 58% to 42%, with 84% of the votes tallied at the time of this writing. The Fairshake political action committee (PAC) invested over $2 million in a media campaign opposing Bowman’s reelection, focusing not on his stance against pro-crypto legislation but rather on allegations of promoting dangerous conspiracy theories.
During his time in office, Bowman voted against key bills such as the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a resolution aimed at overturning a rule by the Securities and Exchange Commission concerning banks dealing with crypto. In contrast, Latimer has not made any significant statements regarding crypto or blockchain.
Despite receiving support from several members of his party, Bowman faced strong opposition from interest groups like Fairshake and the United Democracy Project, which reportedly has ties to the American Israel Public Affairs Committee. These groups collectively spent $17 million to challenge the Democratic incumbent, with Bowman openly criticizing Israel following its military actions in Gaza.
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Ahead of the primary election, New York Representative Alexandria Ocasio-Cortez (AOC) condemned Fairshake and the United Democracy Project for spending nearly $15 million to oust a sitting Congressman, labeling it as “corruption” and “a fundamental threat to American democracy.” On June 25, AOC secured victory in the Democratic primary for New York’s 14th Congressional District.
Source:
Alexandria Ocasio-Cortez
Gemini co-founder Tyler Winklevoss, who recently pledged $1 million to support Donald Trump in the 2024 presidential election, mentioned on X on June 25 that “this is what happens when you pick a fight with the crypto army.” His remarks were likely in reference to Latimer’s primary win.
Success in Utah
John Curtis, a Congressman representing Utah’s 3rd Congressional District, emerged victorious in the Republican primary for the U.S. Senate on June 25. Federal Election Commission records show that Fairshake’s affiliate PAC Defend American Jobs spent over $3 million on advertising in support of Curtis and roughly $1.2 million to oppose challenger Trent Staggs.
While Staggs’ stance on crypto remains unclear, Rep. Curtis co-sponsored the FIT21 Act and the CBDC Anti-Surveillance State Act, and voted in favor of overturning the SEC Staff Accounting Bulletin No. 121. He also supported the SEC’s efforts to greenlight spot Bitcoin (BTC) exchange-traded funds, noting that “crypto has become a significant part” of the U.S. economy.
Picking winners and losers
With approximately $169 million in its war chest from crypto companies like Coinbase and Ripple, Fairshake’s media campaigns may have already impacted American voters.
Back in March, California Representative Katie Porter lost a Senate primary race following a Fairshake advertisement alleging that she accepted campaign donations from “big pharma, big oil, and big bank executives.” Protect Progress, another affiliate of Fairshake, threw its weight behind Democratic candidates Shomari Figures and Julie Johnson, both of whom emerged victorious in their respective primaries in Alabama and Texas.
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