More PAC cash in cryptocurrency increases Jonathan Jackson’s congressional offering – new total of $ 991,276

House Democratic First Congressional District candidate Jonathan Jackson receives another major boost from cryptocurrency political action committees, with the new spending reported to the Federal Election Commission bringing the industry’s total cryptocurrency spend to announcements to elect Jackson to $ 991,276 Tuesday.

The Chicago Sun-Times reported Sunday that the “Protect Our Future” PAC, funded by crypto billionaire Samuel Bankman-Fried, bought $ 500,026 in TV commercials. On Monday, the Sun-Times reported that Jackson’s main competitors – Ald. Pat Dowell (3rd), state senator Jacqueline Collins and entrepreneur Jonathan Swain – have complained about the cryptocurrency industry’s spending to elect Jackson.

The new FEC filing reveals that Web3 Forward has spent $ 491,250 on media purchases to support Jackson, one of 17 Democrats in the June 28 primary battle to replace retired US Representative Bobby Rush, D-Ill.

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The political action committee of Web3 Forward and “Protect Our Future” has spent enough money to influence the outcome of the 1st district rush at the same time that the cryptocurrency industry – which is facing a crisis due to the collapse of pricing – increasing its political spending to shape the way Congress regulates digital asset activity.

While Bankman-Fried’s PAC – it donated $ 23 million of the $ 24 million it raised – pushes for greater “pandemic preparedness,” the reality that cannot be ignored is that Bankman-Fried, who testified before committees of the House and Senate, wants to influence cryptocurrency policy.

According to its website, Web3 Forward supports Democrats who “work to offer US-based innovators the opportunity to create next-generation technologies and services in America rather than do their valuable work overseas.”

The group’s goal, according to its website, is to provide “blockchain innovators with the opportunity to grow their networks within a clearer legal and regulatory framework” so that the blockchain economy “reaches its full potential. potential here in the United States. ” “

The expenses – called “market expenses” by the FEC – should be done without coordination with the campaign of the candidate they are trying to help.

The FEC claims that in April Web3 Forward paid a Chicago firm, Gragert Research, $ 3,000 and paid AKPD, a Chicago-based policy consultancy firm, $ 14,090 for work on other races.

Documents filed by the FEC also show that a major donor to the political action committee – $ 500,000 – is GMI PAC, with GMI being a leading company in the cryptocurrency industry.

Alde. Pat Dowell (3rd) said in a statement that Bankman-Fried is “looking to buy the election with a $ 500,000 television ad purchase in support of 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, cryptocurrency issues aren’t what keeps people up at night – rising gas and food prices, the cost of prescription drugs, and safer communities are what I’m talking about. It’s a historic neighborhood for the black community and I don’t think they’re ready to hand this race over to candidates 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 bound to vested financial interests, or a candidate who has the courage to campaign on regulation. cryptocurrencies as an important issue in our communities. “

Bankman-Fried is the founder and CEO of FTX, an international cryptocurrency exchange headquartered in Nassau, Bahamas. The company’s headquarters in the United States is located in Chicago’s West Loop.

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