Bitrabo Editorial
The recent Democratic primary in New York’s 16th District saw congressman Jamaal Bowman losing to George Latimer, a victory that holds significance as the crypto industry gains political prominence. Bowman, known for his criticism of the industry, faced opposition from the pro-crypto Super Political Action Committee (PAC) Fairshake.
Key Loss for Anti-Crypto Stance in Democratic Primary
On June 25, the loss of US congress member Jamaal Bowman in the NY Democratic primary was reported by Fox Business journalist Eleanor Terret. Bowman’s positions on cryptocurrencies appeared to be pivotal in his reelection bid. As per the non-profit organization Stand with Crypto (SWC), Bowman’s classification as “strongly against” the industry was highlighted through his voting record on significant bills like H. R. 4763 and H. R. 5403.
H. R. 4763, the Financial Innovation and Technology for the 21st Century (FIT21) Act, proposes a new regulatory framework for the industry, while H. R. 5403, the CBDC Anti-Surveillance State Act, aims to restrict the use of central bank digital currency for monetary policy purposes.
Despite the backing of US Senators Bernie Sanders and Elizabeth Warren for Bowman’s campaign, Fairshake’s opposition, with over $2 million spent on advertisements against Bowman, seemingly played a pivotal role in his defeat.
While Fairshake expressed a commitment to supporting candidates favorable to the industry, the newly victorious candidate, George Latimer, remains neutral on the topic with a “pending stance” per SWC.
Evolution in Political Landscape
As the US presidential elections loom, candidates’ views on the crypto industry are becoming increasingly significant. Concerns over unclear regulations and aggressive scrutiny have prompted the community to advocate for pro-industry candidates. SWC’s recent launch of a PAC aims to fund candidates supportive of cryptocurrencies and blockchain technology for Congress.
In a notable interview, Cathie Woods, CEO of ARK Invest, indicated her preference for the candidate she deems best for the US economy. This sentiment was initially construed as support for the self-proclaimed “crypto president” Trump, albeit the clip was later removed for oversimplifying Woods’ political stance.
Entrepreneur Mark Cuban suggested that the SEC Chairman Gary Gensler’s stringent approach may have adversely impacted President Biden’s reelection efforts and Gensler’s political future.
The recent shift in political dynamics has been greeted by the industry as a triumph, with sentiments expressing relief that “crypto is in the offensive for once.”