Pro-Crypto Waves Takes Down Anti-Crypto Bowman

Pro-Crypto Shaping The 2024 Elections Over Bowman’s Anti-crypto Defeat

In a significant development ahead of the 2024 US elections, Jamaal Bowman, a vocal critic of cryptocurrency has lost the Democratic primary for New York’s 16th district. The result underscores the increasing influence of pro-crypto sentiment among candidates. Bowman's defeat was notably influenced by the efforts of the pro-crypto super PAC Fairshake which invested $2 million in ads opposing him.

What’s the News

Jamaal Bowman’s defeat in the primary election to Westchester County Executive George Latimer sends a clear message about the growing importance of pro-crypto stances among political candidates. Bowman had a history of opposing key cryptocurrency legislations including the anti-CBDC and FIT 21 bills. He also voted against efforts to overturn the pro-Gary Gensler SAB 121. 

This anti-crypto stance combined with his alliance with Senator Elizabeth Warren, known for her critical view on crypto seemingly contributed to his loss. The Fairshake super PAC played a significant role in this outcome by spending $2 million on advertisements against Bowman. Their efforts highlight the increasing activism and influence of pro-crypto groups in shaping election outcomes.

Crypto Dominance on US Election

The influence of the cryptocurrency community on political races is becoming increasingly apparent. Fairshake’s spokesman, Josh Vlasto emphasized that Bowman’s opposition to clear regulatory frameworks for the crypto and blockchain industry contributed to his defeat. He also mentioned that the community of crypto and blockchain supporters will keep backing candidates who are in favor of innovation and creating jobs and will work with politicians from different parties to achieve their goals.

This idea mirrors the wider approach of crypto-focused political action committees which have gathered a substantial amount of funds, totaling $100 million to back candidates who favor the crypto industry in the next elections. Leading figures in the industry, such as Coinbase and Ripple have made significant contributions to these committees, showing their dedication to shaping political results in a way that benefits the crypto field. 

The main election battle between Bowman and Latimer involved a massive $25 million in campaign ads, with almost $15 million coming from the United Democracy Project, a political action committee associated with the American Israel Public Affairs Committee. 

This deep financial backing points to the increasing importance and critical role of political action committees in contemporary elections. Bowman's loss has led to various responses including from his loyal supporter Alexandria Ocasio-Cortez (AOC), who criticized the large contributions from political action committees as "corruption" and a "threat to the democratic process." 

Conclusion

As per CoinGabbar, Jamaal Bowman's loss in the New York 16th Democratic Primary is a significant event leading up to the 2024 US elections. It highlights the increasing acceptance and sway of crypto-friendly views among political candidates and the electorate. The substantial financial involvement by pro-crypto super PACs like Fairshake illustrates the crypto industry’s determination to support candidates who favor innovation and regulatory clarity. As the 2024 elections approach, this development suggests that opposing cryptocurrency may no longer be a viable strategy for lawmakers, reflecting a broader shift towards embracing the potential of blockchain and crypto technologies in shaping the future of the economy and legislation.

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