Fairshake, a pro-crypto super PAC, was instrumental in Bowman’s defeat by spending $2 million on ads that opposed him.
The race for the 2024 US elections has been intensifying, and a major development highlights that the anti-crypto stance will not be advantageous to any lawmaker.
The 16th Democratic Primary in New York saw crypto critic Jamaal Bowman, who voted against the FIT 21 measure, lose an election on Tuesday, June 25.
2024 US Elections Has No Place for Anit-Crypto Lawmakers
Jamaal Bowman was well-known for his anti-crypto stance on numerous occasions.
He has a notable track record of opposing key crypto legislation, including votes against the anti-CBDC bill, the FIT 21 bill, and efforts to overturn the pro-Gary Gensler SAB 121.
Additionally, Senator Elizabeth Warren has maintained an anti-crypto stance, and Bowman has been a staunch supporter of her.
Well, the current development provides insight into what to expect during the 2024 US elections.
The intriguing fact is that Bowman lost to Westchester County Executive George Latimer.
Fairshake, the pro-crypto super PAC, was responsible for the $2 million ad campaign that was against Bowman last week.
Speaking to Fox Business’ Eleanor Terret, Fairshake spokesman Josh 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 super PACs have recently been active in supporting pro-crypto candidates in the upcoming US elections this year.
Reportedly, they have amassed a war chest of $100 million to promote pro-crypto candidates.
These PACs have also received massive investments from top crypto industry players like Coinbase and Ripple.
Crypto Industry Players Cheer the Development
AdImpact, an ad tracking firm, reported that the competition between Bowman and Westchester County Executive George Latimer generated an astonishing $25 million in ad spent.
However, the United Democracy Project, a super PAC under the American Israel Public Affairs Committee, has contributed nearly $15 million.
The development has put off Bowman’s close supporter Alexandria Ocasio-Cortez (AOC), who has labeled the super PAC’s $15 million spending as “corruption” and a “threat to American democracy.”
However, the crypto industry players are ecstatic about the development, as they are conveying the message that the battle with the crypto market will not be a successful one.