July 18, 2024
1 Solar System Way, Planet Earth, USA
Crypto

George Latimer defeats anti-crypto Jamaal Bowman in New York primary with support from crypto PAC

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US Representative Jamaal Bowman, one of the anti-crypto congressmen who voted against the FIT 21 bill, lost to Democrat George Latimer in the New York primary, according to the Fox Business journalist. Eleanor Terrell. The victory was partially influenced by pro-crypto lobby group FairShake, which launched a $2 million ad campaign against Bowman last week.

“Jamaal Bowman fought against establishing clear rules for the cryptocurrency and blockchain industry, and tonight he is looking for a new job. “The cryptocurrency and blockchain community will continue to support candidates who believe in innovation and job creation and will reach out across parties to get things done,” said FairShake spokesperson Josh Vlasto.

Previously, Representative Alexandria Ocasio-Cortez had criticized the large amount of money spent by “special interest” groups to influence the primary elections and unseat Bowman. He 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 cryptocurrency industry. Warren has been building an anti-crypto army to push for stricter regulations in the industry.

Warren's anti-cryptocurrency efforts have drawn criticism from cryptocurrency advocates. The pullback has become increasingly significant, especially as the election enters its final months.

Crypto super PACs like FairShake have mounted ad campaigns against Warren-aligned politicians 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 United States Senate seat in California, finishing third in the primary and failing to advance to the general election. in a interview Pod Save America after his loss, Porter said FairShake's targeted ads may have influenced the outcome, but he believed they failed to advance the national debate over cryptocurrencies.

Warren's anti-cryptocurrency army reorganized

Bowman's loss came after Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), resigned last month. Gruenberg's departure followed an internal investigation that revealed a toxic work environment and abuses at the FDIC.

Martin Gruenberg is a vocal critic of cryptocurrencies. 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 members of the crypto community celebrated Gruenberg's resignation. Crypto lawyer John Deaton called Gruenberg a “disgraced puppet” and criticized Senator Elizabeth Warren for supporting Gruenberg.

Deaton is a political newcomer determined to unseat Warren. In May, he successfully gathered more than 10,000 signatures to qualify as a candidate for Massachusetts' U.S. Senate seat.

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