Key Points
- Jamaal Bowman’s anti-crypto stance may have contributed to his loss in the 2024 US election primaries.
- The crypto industry is showing significant political influence, with PAC Fairshake raising a $175 million war chest.
The 2024 US election primaries have shown that a negative stance towards cryptocurrencies can be detrimental for candidates. Jamaal Bowman, a representative of New York’s 16th congressional district, experienced this first-hand. Bowman, a known critic of cryptocurrencies, may have lost the primary due to his stance.
Political Impact of Crypto Opposition
Bowman’s opposition to key crypto legislation like the FIT 21 bill, the CBDC Anti-Surveillance State Act, and efforts to overturn the pro-Gary Gensler SAB 121, led to his defeat by George Latimer, the Westchester County Executive. Bowman’s loss sends a message that being anti-crypto could harm lawmakers’ chances in the upcoming election.
The Fairshake group, a PAC backed by significant figures in the crypto industry such as Ripple and Coinbase, spent over $2 million on ads against Bowman. Fairshake spokesman Josh Vlasto stated that the crypto community would continue to support candidates who believe in innovation and job creation.
Crypto Industry’s Political Influence
The crypto industry Super PAC Fairshake has amassed a $175 million war chest and is ready to spend $100 million to campaign for crypto-supporting candidates. This move indicates that the crypto industry is prepared to influence the political landscape.
The race between Bowman and Latimer saw $25 million in ad spending, according to ad tracking firm AdImpact. Nearly $15 million of this came from the United Democracy Project, a super PAC associated with the American Israel Public Affairs Committee.
Candidates Embrace Crypto
Presidential candidates are starting to embrace digital currencies to gain support from the crypto community. Former President Trump, once a Bitcoin critic, now accepts campaign donations in crypto. Reports also suggest that Joe Biden is in discussions with crypto leaders about accepting crypto donations through Coinbase.
Bowman’s loss in the primary election for the 16th District in New York signals that being anti-crypto may not be a beneficial political stance for the 2024 US elections. As the election nears, crypto enthusiasts will be closely observing the outcome, as it could significantly impact the future of cryptocurrencies.
