By
Steve Muchoki
June 28th, 2024
Jamaal Bowman, who was against crypto, lost the primary election for the 16th District in New York, showing that being against crypto may not be a good political position for the 2024 U.S. elections.
The 2024 US elections process has continued to heat up, with the primaries already kicking out those who have a stance against crypto. One person who has been affected by this is Jamaal Bowman, the representative of New York’s 16th congressional district. The politician has been a critic of crypto, and some believe his stance could have affected the primary result in some ways.
Crypto-Critic Jamaal Bowman Loses New York Primary
Bowman, known for opposing key crypto legislation such as the FIT 21 bill, the CBDC Anti-Surveillance State Act, and efforts to overturn the pro-Gary Gensler SAB 121, was defeated by Westchester County Executive George Latimer.
The loss of Bowman sends a clear message that taking an anti-crypto stance may not be beneficial for lawmakers in the upcoming election. The position of political leaders on crypto could potentially influence their ambitions. The Fairshake group, a political action committee (PAC) supported by major players in the crypto industry, such as Ripple and Coinbase, spent over $2 million on ads opposing Bowman.
According to Fairshake spokesman Josh Vlasto, the crypto community will continue to back candidates who believe in innovation and job creation, stating that Jamaal fought against crypto and blockchain. Vlasto said:
“Jamaal Bowman fought against setting clear rules of the road for the crypto and blockchain industry, and tonight he’s looking for a new job. The crypto and blockchain community will continue to support candidates who believe in innovation and job creation, and reach across the aisle to get things done.”
Crypto Industry Flexes Political Muscle with $175 Million War Chest
The cryptocurrency industry Super PAC Fairshake has raised a war chest of $175 million and is ready to deploy $100 million to campaign for candidates who support crypto. This move suggests that the big players within the crypto sector are prepared to cause a change in the political industry in their favor.
The race between Bowman and Latimer drew the sum of $25 million in ad spending, this is according to Ad tracking firm, AdImpact. Nearly $15 million of it has come from the United Democracy Project, a super PAC associated with the American Israel Public Affairs Committee.
Presidential Candidates Embrace Crypto to Woo Tech-Savvy Voters
Candidates running for the presidential office have started using digital currencies to get support from the crypto community. Former President Trump, who used to criticize Bitcoin, is now a strong supporter and even accepts campaign donations in crypto. Additionally, it’s reported that Joe Biden is talking with crypto leaders about accepting crypto donations through Coinbase.
Jamaal Bowman, who was against crypto, lost the primary election for the 16th District in New York, showing that being against crypto may not be a good political position for the 2024 US elections. As the election gets closer, crypto fans will be watching closely to see what happens, as the outcome could have a big effect on the future of cryptocurrency.