Crypto Critic Loses NY 16th Distric Democratic Primary
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As the crypto industry gains weight in politics, candidates’ stances on cryptocurrencies make the difference when voting. Recently, the industry critic congressman Jamaal Bowman lost New York’s 16th District Democratic primary to George Latimer. Representative Bowman’s campaign was opposed by the crypto Super Political Action Committee (PAC) Fairshake. Anti-Crypto Candidate Loses Democratic Primary On June 25, Fox Business journalist Eleanor Terret reported that US congress member Jamaal Bowman had lost the NY Democratic primary. Seemingly, Bowman’s stance on cryptocurrencies played a crucial factor in his run for reelection. According to the non-profit organization Stand with Crypto (SWC), the Democratic Representative is classified as “strongly against” the industry. Bowman has been vocal about his opposition to the sector, voting against three pro-industry Republican bills in the past month, including H. R. 4763 and H. R. 5403. Bill H. R. 476, or Financial Innovation and Technology for the 21st Century (FIT21) Act, aims to provide a new regulatory framework for the industry. Bill H. R. 5403, the CBDC Anti-Surveillance State Act, aims to prevent Federal banks from “offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and other purposes.” Representative Bowman’s stance on the industry. Source: SWC US Senators Bernie Sanders and Elizabeth Warren backed Bowman’s reelection campaign. However, Super PACs like Fairshake opposed the representative’s rally, spending over $2 million in advertisements against his campaign. Josh Vlasto, a Fairshake spokesman, reaffirmed the Super PAC’s efforts to support industry-friendly candidates: 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.…
Filed under: News - @ June 27, 2024 2:14 pm