Crypto Victory? Industry Critic Loses NY 16th District Democratic Primary

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.”

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.

However, the victorious candidate of the NY Democratic primary, George Latimer, has not made any statement about the industry. SWC has a “pending stance” tag on Latimer.

A Changing Landscape

With the US presidential elections approaching, the candidate’s stance on the industry seems to play a crucial factor for crypto voters. Public figures, politicians, and industry leaders have expressed concern about the unclear regulations and the unnecessarily aggressive crackdown on the sector.

As a result, the community has doubled its efforts to support pro-industry candidates. SWC recently launched a PAC to raise money for a bipartisan slate of candidates running for the US Congress and put those who support cryptocurrencies and blockchain in office.

During an interview, Cathie Woods, CEO of ARK Invest, stated that her vote would go to the candidate who would be best for the US economy. Her stance seemingly endorsed self-proclaimed “crypto president” Trump, but since then, the clip has been deleted for a “lack of nuance” in representing Wood’s political views.

I am going to vote for the person who’s going to do the best job for our economy, I am a voter when it comes to economics, and on that basis, Trump.

Mark Cuban claimed that the Securities and Exchange Commission (SEC)’s chairman, Gary Gensler, could have cost President Biden’s reelection. Cuban considers that the Chair’s aggressive approach might have negatively impacted Biden’s campaign and Gensler’s political aspirations.

Ultimately, the community has received the recent political changes as a victory for the industry, with some claiming that it “feels good crypto is in the offensive for once.”