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18/06/24
257
Coinbase-Backed Fairshake Group Spends $2 Million Against Rep Bowman’s Reelection
U.S. Federal Election Commission data shows that a political action committee (PAC) known as the Fairshake group has spent over $2 million to oppose the re-election of Representative Jamaal Bowman.
Bowman is the incumbent in the Democratic primary for New York’s 16th Congressional District. Cryptocurrency companies including Ripple and Coinbase are supporting the Fairshake group. Coinbase donated $25 million to Fairshake in June, raising its aggregate funds to almost $160 million.
The PAC spent the sum on a media campaign opposing Bowman, who is in a face-off against Democrat George Latimer in a primary scheduled for June 25. As of two days ago, about $9 million has been contributed by outside interest groups to fund the media campaign.
The ad does not say anything about blockchain or cryptocurrency, but claimed that Bowman has been “pushing dangerous conspiracy theories” throughout his career. On May 23, Senator Bernie Sanders expressed his support for Bowman in a post on X:
“Right-wing Super PACs like AIPAC are targeting Jamaal Bowman because he fights for the values of working class people in his district, whether it’s affordable housing, childcare and pre-K, public schools, or climate justice. I am proud to support @JamaalBowmanNY’s reelection.”
His re-election is also supported by Senators Elizabeth Warren and Alexandria Ocasio-Cortez. Congressional records show that Bowman voted against the Financial Innovation and Technology for the 21st Century (FIT21) Act and the CBDC Anti-Surveillance State Act.
Three months ago, Representative Katie Porter did not win a primary election after Fairshake launched an ad claiming that Porter took campaign contributions from “big pharma, big oil, and the big bank executives.” She responded later, noting that the cryptocurrency industry attempted to “bury a conversation” regarding digital assets through the media purchase.
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