A significant event has intensified the campaign for the US presidency in 2024 by making it abundantly evident that taking a posture against cryptography would not help any legislator. On Tuesday, June 25, New York’s 16th Democratic Primary saw the loss of crypto critic Jamaal Bowman, who had voted against the FIT 21 law.
2024 US Elections Has No Place for Anit-Crypto Lawmakers
Anti-crypto lawmakers have no place in the US elections of 2024. Jamaal Bowman was well-known for his anti-crypto position on multiple occasions. He has a distinguished history of voting against important crypto legislation, including the anti-CBDC bill and the FIT 21 bill, and attempts to overturn the pro-Gary Gensler SAB 121. In addition, Bowman has repeatedly supported Senator Elizabeth Warren, a staunch opponent of cryptography. In any case, the current trajectory provides insight into what to expect from the US elections in 2024.
The intriguing thing is that George Latimer, the executive of Westchester County, defeated Bowman. The $2 million in opposition to Bowman’s advertisement last week came from Fairshake, a super PAC that supports cryptocurrency. Spokesperson for Fairshake Josh Vlasto said the following to Eleanor Terret of Fox Business:
“Jamaal Bowman is searching for a new job tonight despite his opposition to establishing clear regulations for the cryptocurrency and blockchain industries. The blockchain and cryptocurrency community will persist in endorsing candidates who embrace innovation and job creation and are willing to work across party lines to accomplish goals.
Crypto super PACs have been quite active lately in promoting pro-crypto politicians in this year’s US elections. They are said to have amassed a $100 million war fund to promote politicians who support cryptocurrencies. Large-scale investments in these PACs have also come from prominent figures in the cryptocurrency space, such as Ripple and Coinbase.
Players in the Crypto Industry Applaud the Development
According to ad-tracking firm AdImpact, the contest between Bowman and Westchester County Executive George Latimer attracted an astounding $25 million in advertising spending. However, the United Democracy Project, a super PAC connected to the American Israel Public Affairs Committee, has contributed close to $15 million of it.
Alexandria Ocasio-Cortez (AOC), a close ally of Bowman’s, is not happy with the situation and has referred to the $15 million that the super PAC spent as “corruption” and a “threat to American democracy.” However, players in the cryptocurrency market are applauding the move and warning that the battle with the market won’t be won.
