House Democratic 1st Congressional District candidate Jonathan Jackson gets another major boost from political action committees on cryptocurrency, with new spending reported to the Federal Election Commission bringing total industry spending crypto on ads to elect Jackson at $991,276 on Tuesday.
The Chicago Sun-Times reported on Sunday that the “Protect Our Future” PAC, funded by crypto billionaire Samuel Bankman-Fried, purchased $500,026 in TV ads. On Monday, the Sun-Times reported that Jackson’s main competitors – Ald. Pat Dowell (3rd), State Senator Jacqueline Collins and business owner Jonathan Swain — lamented the crypto industry’s spending to elect Jackson.
The new FEC filing reveals Web3 Forward spent $491,250 on media buys to support Jackson, one of 17 Democrats in the June 28 primary battle to replace retired U.S. Representative Bobby Rush, D-Ill.
The Web3 Forward and “Protect Our Future” political action committee has spent enough money to influence the outcome of the 1st District race at the same time as the cryptocurrency industry – facing a crisis as the prices have crashed — increasing its political spending to shape how Congress regulates digital asset activity.
As Bankman-Fried’s PAC — he’s donated $23 million of the $24 million he’s raised — pushes for more “pandemic preparedness,” the reality that can’t be ignored is that Bankman-Fried, who has testified before House and Senate committees, wants to influence crypto policy.
According to its website, Web3 Forward supports Democrats who “work to give US-based innovators the opportunity to build next-generation technologies and services in America rather than doing their valuable work overseas.”
The group’s goal, according to its website, is to provide “blockchain innovators the opportunity to grow their networks under a clearer regulatory and legal framework” so that the blockchain economy “reaches its full potential here in the United States.” United States. ”
The expenses — called “arm’s length expenses” by the FEC — are supposed to be made without coordination with the campaign of the candidate they are trying to help.
FEC filings that in April, Web3 Forward paid a Chicago firm, Gragert Research, $3,000 and paid AKPD, a Chicago-based political consulting firm, $14,090 for work on other races.
Documents filed by the FEC also demonstrate that one of the top donors to the political action committee — $500,000 — is the GMI PAC, with GMI being a major firm in the crypto industry.
Alde. Pat Dowell (3rd) said in a statement that Bankman-Fried is “trying to buy the election with a $500,000 TV ad buy supporting Jackson.” Before the votes are even counted, Jackson has already put up a “For Sale” sign.
Company owner Jonathan Swain said in a statement that voters in the 1st Congressional District “are not nominated by outsiders who will determine who will represent them in Congress. And let’s be honest, crypto issues aren’t what keep people up at night – rising gas and grocery prices, the cost of prescription drugs, and safe communities are what they’re me talking. It’s a historic neighborhood for the black community and I don’t think they’re ready to hand this race over to candidates who are willing to [be] bought by billionaires with vested interests.
Collins said in a statement, “In a district struggling with decades of economic divestment, we don’t need a congressman who is beholden to vested financial interests, or a candidate who has the nerve. to campaign on crypto regulation as a major issue in our communities. ”
Bankman-Fried is the founder and CEO of FTX, an international cryptocurrency exchange based in Nassau, Bahamas. The company’s US headquarters are in Chicago’s West Loop.
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More Cryptocurrency PAC Money Boosts Jonathan Jackson’s Congressional Bid: New Total of $991,276
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