As an experienced financial analyst, I believe the recent election outcome in New York’s 16th Democratic Primary sends a clear message to lawmakers: being anti-crypto is not a winning stance for the 2024 US elections. The defeat of Jamaal Bowman, a well-known critic of cryptocurrencies, by George Latimer, who received support from pro-crypto super PACs, underscores this trend.
The race for the 2024 US elections is gaining intensity with a significant turn of events indicating that being anti-crypto may not be advantageous for any legislator. On Tuesday, June 25, Jamaal Bowman, a vocal critic of crypto, who had previously voted against the FIT 21 bill in New York’s Democratic Primary, lost his re-election bid.
2024 US Elections Has No Place for Anit-Crypto Lawmakers
As a researcher studying political stances on cryptocurrency, I’ve observed that Jamaal Bowman has taken a firm stance against cryptocurrencies in multiple past instances. He has voted against several key crypto legislations, including the anti-Central Bank Digital Currency (CBDC) bill, the Financial Institutions Technology Act 21 (FIT 21), and efforts to overturn the Securities and Exchange Commission’s (SEC) SAB 121, which was pro-Gary Gensler. Furthermore, Bowman has been an ardent supporter of Senator Elizabeth Warren, who has consistently expressed anti-crypto sentiments. These past actions suggest that Bowman may continue to oppose crypto-related policies during the 2024 US elections.
It’s noteworthy that George Latimer, Westchester County Executive, emerged victorious against Bowman in the recent election. Fairshake, a pro-crypto super PAC, invested heavily in advertising efforts worth $2 million to undermine Bowman’s campaign in the final week. In an interview with Fox Business’ Eleanor Terret, Josh Vlasto, a spokesperson for Fairshake, explained:
Jamaal Bowman opposed establishing definitive regulations for the cryptocurrency and blockchain sector during his tenure, and now he’s on the hunt for a fresh employment opportunity. The crypto and blockchain fraternity will champion candidates advocating for progress and employment generation. They will extend olive branches to colleagues across party lines to facilitate accomplishment.
As a researcher studying the recent political landscape, I’ve noticed an increased activity from crypto Super PACs in preparation for the upcoming US elections this year. With reportedly $100 million at their disposal, these groups aim to promote pro-crypto candidates through advertising efforts. Notably, significant investments have poured in from prominent figures within the crypto industry, including Coinbase and Ripple.
Crypto Industry Players Cheer the Development
Approximately $25 million was spent on ads during the campaign battle between Bowman and George Latimer, as reported by AdImpact. Notably, over $14.5 million of these ad funds originated from the United Democracy Project, a political action committee linked to the American Israel Public Affairs Committee.
Well, the development has irked Bowman’s close supporter Alexandria Ocasio-Cortez (AOC) calling this $15 million spent by the super PAC as “corruption” and a “threat to American democracy”. However, crypto industry players are cheering the development passing on the message that the fight with the crypto market won’t end well.
Politicians around the world should recognize that instigating conflicts with the crypto community carries consequences.
— Tyler Winklevoss (@tyler) June 26, 2024
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2024-06-26 08:32