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

Rubmar Garcia
by Rubmar Garcia
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: DeFi Protocol Alex Lab $4 Million Hack Linked To Lazarus Group

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.”

Crypto

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.

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.

Related Reading: Anonymous Bitcoin Donor Foots Bill For Julian Assange’s Flight Into Freedom

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.”

crypto, BTC, BTCUSDT

Bitcoin is trading at $61,746 in the weekly chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Rubmar Garcia

Rubmar Garcia

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Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

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