Fairshake, a political action committee (PAC) supported by major crypto companies Ripple and Coinbase, has dedicated over $2 million to campaign against Democratic Representative Jamaal Bowman in the primary election for New York’s 16th Congressional District.
Official records from the United States Federal Election Commission show that Fairshake has heavily invested in a media blitz aimed at preventing Rep. Bowman’s reelection. Outside interest groups have collectively contributed around $9 million to oppose Bowman, who is facing a primary challenge from Democrat George Latimer on June 25.
The attack ad funded by Fairshake does not directly mention cryptocurrencies but instead accuses Rep. Bowman of promoting “dangerous conspiracy theories” during his time in office. While prominent Democrats like Senator Bernie Sanders, Senator Elizabeth Warren, and Alexandria Ocasio-Cortez have publicly supported Bowman, Fairshake’s campaign highlights his voting record against bills related to the crypto industry.
On the other hand, Latimer, a former New York State Senator, has remained relatively silent on digital assets. Moe Vela, a former Biden administration official, acknowledged the impact of attack ads in mobilizing voters but urged PACs to focus on legislative issues rather than targeting individual candidates.
Fairshake’s involvement in elections has already made an impact, as seen in the defeat of California Representative Katie Porter in a primary race after being targeted by a Super PAC ad. Additionally, Coinbase has contributed an extra $25 million to Fairshake, bringing the total funds raised to approximately $160 million.
As the US approaches the upcoming election, the crypto industry continues to engage with politics. A survey conducted by the Harris Poll revealed that one in three voters in the US considers a candidate’s stance on cryptocurrencies before casting their vote. Another survey by Paradigm, a leading crypto venture capital firm, showed significant support from the crypto community for former President Trump’s potential candidacy in the 2024 US Presidential Election.
Furthermore, a report from Coinbase highlighted the expected influence of California voters who own cryptocurrencies on the 2024 elections. With the growing importance of digital assets in politics, the intersection between the crypto industry and electoral campaigns is becoming increasingly significant.