Fairshake Spends $2M Advertising Against Anti-Crypto Rep. Jamaal Bowman

The Fairshake group, a political action committee (PAC) backed by prominent crypto firms Ripple and Coinbase, has allocated over $2 million towards opposing the incumbent candidate in the Democratic primary for New York’s 16th Congressional District.

Recent data from the United States Federal Election Commission reveals that Fairshake has invested heavily in a media campaign aimed at thwarting the reelection of Democratic Representative Jamaal Bowman.

As of June 16, outside interest groups had collectively contributed approximately $9 million in opposition to Bowman, who is facing a primary challenge from Democrat George Latimer on June 25.

Bowman Promoted “Dangerous Conspiracy Theories”

The attack advertisement funded by Fairshake does not explicitly mention cryptocurrencies or Blockchain technology but instead accuses Rep. Bowman of promoting “dangerous conspiracy theories” throughout his career.

Notably, prominent Democratic figures such as Senator Bernie Sanders, Senator Elizabeth Warren, and Alexandria Ocasio-Cortez have voiced their support for Bowman’s reelection in response to earlier attack ads funded by a different Super PAC.

Congressional records indicate that Rep. Bowman has voted against several bills relevant to the crypto industry.

These include the Financial Innovation and Technology for the 21st Century (FIT21) Act, which garnered support from 71 Democrats and 208 Republicans in the House of Representatives, as well as the CBDC Anti-Surveillance State Act and a joint resolution aimed at overturning a Securities and Exchange Commission rule concerning banks’ handling of cryptocurrencies.

In contrast, Latimer, a former New York State Senator, has made few public statements regarding digital assets.

Moe Vela, a former Director of Administration for then-Vice President Biden, acknowledged the effectiveness of such attack ads in rallying voters.

However, he encouraged PACs to prioritize legislative matters over targeting individual candidates.

Fairshake’s Campaign Leaves Its Mark

Fairshake’s involvement in elections has already left its mark.

In March, California Representative Katie Porter lost a primary race for the Senate after being targeted by a Super PAC ad that accused her of accepting campaign contributions from “big pharma, big oil, and big bank executives.”

Rep. Porter later claimed that the crypto industry attempted to silence discussions about digital assets through this media campaign.

As the United States approaches the upcoming election day in less than five months, the crypto industry continues to engage with politics.

Coinbase, an initial supporter of Fairshake, recently donated an additional $25 million to the Super PAC, bringing the total funds raised to approximately $160 million.

Furthermore, crypto mining executives have launched a project aimed at educating voters about Bitcoin initially, with the long-term goal of influencing U.S. elections.

As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.

Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

The survey , which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.