Jamaal Bowman, a Democratic incumbent in New York’s 16th Congressional District, has lost his primary race following a significant advertising campaign by a crypto-focused Super PAC. The defeat of Bowman, who was targeted by approximately $2 million in ads from Fairshake PAC, marks a notable victory for the cryptocurrency industry’s political efforts.
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Bowman’s loss to challenger George Latimer came after a bitter and expensive primary contest. The race attracted substantial attention and financial resources, with Fairshake PAC’s involvement being part of a larger trend of cryptocurrency interests becoming increasingly active in political financing.
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This outcome demonstrates the growing influence of crypto-backed political action committees in shaping election results. Fairshake PAC, funded by major players in the cryptocurrency industry, has emerged as a significant force in the 2024 election cycle, boasting a successful track record in primary races and substantial financial resources for future campaigns.
The defeat of an incumbent like Bowman, who is part of the progressive “Squad,” highlights the potential impact of targeted advertising campaigns backed by industry-specific interests such as those in the cryptocurrency sector]. This result may signal a shift in the political landscape, where well-funded PACs can play a decisive role in primary elections, even against established incumbents.
Before the primary election, New York Representative Alexandria Ocasio-Cortez (AOC) accused Fairshake and the United Democracy Project of “dump[ing] nearly $15 million to unseat a member of Congress” as “corruption” and “a core threat to American democracy.” On June 25, AOC won the Democratic primary in New York’s 14th Congressional District.
Tyler Winklevoss, co-founder of Gemini, remarked on X on June 25 that “this is what happens when you pick a fight with the crypto army.” Winklevoss had recently promised $1 million to support Donald Trump in the 2024 presidential race, part of which had been refunded. His words were most likely referring to Latimer’s primary triumph.
Choosing winners and losers.
Fairshake’s advertising operations, which have received over $169 million in contributions from crypto businesses such as Coinbase and Ripple, may have already affected US voters.
In March, California Representative Katie Porter lost a primary election for the United States Senate after a Fairshake commercial claimed she received campaign funds from “big pharma, big oil, and big bank executives.” Another Fairshake affiliate, Protect Progress, supported Democratic candidates Shomari Figures and Julie Johnson, who won their respective primaries in Alabama and Texas.
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