Crypto super PACs like FairShake have mounted ad campaigns against politicians seen as hostile to the crypto sector.
US Representative Jamaal Bowman, one of the anti-crypto Congressmen who voted against the FIT 21 bill, lost to Democratic George Latimer in the New York primary, according to Fox Business journalist Eleanor Terrett. The victory was partially influenced by the pro-crypto lobby group FairShake, which launched a $2 million publicity campaign against Bowman last week.
“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,” said FairShake’s spokesperson Josh Vlasto.
Previously, Representative Alexandria Ocasio-Cortez had criticized the large amount of money spent by “special interest” groups to influence the primary election and unseat Bowman. She also expressed concern that it helped fuel the influence of Donald Trump.
Ocasio-Cortez, along with Senator Elizabeth Warren, has been an outspoken critic of the crypto industry. Warren has been building an anti-crypto army to push for tighter regulations on the industry.
Warren’s anti-crypto efforts have drawn criticism from crypto advocates. The pushback has become increasingly significant, especially as the election is entering its final months.
Crypto super PACs like FairShake have mounted ad campaigns against politicians aligned with Warren, like Katie Porter, and now Bowman. In March, FairShake spent $10 million on attack ads targeting Katie Porter’s Senate campaign in California.
Porter was unsuccessful in her bid for the US Senate seat in California, finishing third in the primary and failing to advance to the general election. In an interview with Pod Save America following her defeat, Porter said FairShake’s targeted ads may have influenced the result but believed they failed to advance the national talk about crypto.
Warren’s anti-crypto army shakeup
Bowman’s loss came after Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), resigned last month. Gruenberg’s leaving followed an internal investigation that revealed a toxic work environment and abuse at the FDIC.
Martin Gruenberg is a vocal crypto critic. He is also believed to have played a key role in “Operation Choke Point 2.0,” an alleged campaign by the Biden administration and US regulators to restrict the crypto industry’s access to the banking system.
That explains why Gruenberg’s resignation was celebrated by crypto community members. Crypto lawyer John Deaton called Gruenberg a “disgraced puppet” and criticized Senator Elizabeth Warren for supporting Gruenberg.
It is shameful how @ewarren circled the wagons to keep one of her disgraced puppets in place. I’m so looking forward to the debates. https://t.co/UVLOSfLnvp https://t.co/rqjLI73HSq
— John E Deaton (@JohnEDeaton1) May 20, 2024
Deaton is a political newcomer determined to unseat Warren. In May, he successfully collected over 10,000 signatures to qualify as a candidate for the Massachusetts US Senate seat.
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