More Cryptocurrency PAC money boosts Jonathan Jackson’s congressional bid: New total of $ 991,276

House Democratic 1st Congressional District candidate Jonathan Jackson gets another big boost from political action committees on cryptocurrency, with new spending reported to the Federal Election Commission, bringing the industry’s total cryptocurrency spending on ads to elect Jackson to $ 991,276 on Tuesday.

The Chicago Sun-Times reported Sunday that “Protect Our Future” PAC, funded by crypto-billionaire Samuel Bankman-Fried, bought $ 500,026 in television commercials. On Monday, the Sun-Times reported that Jackson’s main competitor – Ald. Pat Dowell (3rd), State Senator Jacqueline Collins and business owner Jonathan Swain – lamented the crypto industry’s spending on choosing Jackson.

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

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Web3 Forward and the “Protect Our Future” Political Action Committee have spent enough money to influence the outcome of the 1st District race while the cryptocurrency industry – facing a crisis as prices have plummeted – is increasing its political spending to shape how Congress regulates digital asset activity.

As the Bankman-Fried PAC – which has donated $ 23 million of the $ 24 million it has raised – is pushing for more “pandemic preparedness”, the reality that cannot be ignored is that Bankman-Fried, who has and Senate committees, want to influence cryptocurrency policy.

According to their website, Web3 supports Forward Democrats, who “work to enable U.S.-based innovators to build next-generation technologies and services in America instead of doing their valuable work abroad.”

The group’s goal, according to its website, is to enable “blockchain innovators 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.” USA. ”

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 applications that Web3 Forward in April paid a Chicago firm, Gragert Research, $ 3,000 and paid the AKPD, a Chicago-based political consulting firm, $ 14,090 for work on other races.

Documents submitted by the FEC also show that one of the best donors to the Political Action Committee – $ 500,000 – is GMI PAC, where GMI is a major company in the crypto industry.

Old. Pat Dowell (3rd) said in a statement that Bankman-Fried “is trying to buy the election with a $ 500,000 TV commercial that supports Jackson.” Before the votes are even counted, Jackson has already put up a “For Sale” sign.

Business owner Jonathan Swain said in a statement that voters in the 1st Congressional District “are not nominated by outsiders who will decide who will represent them in Congress. And let’s be honest, crypto problems are not what keep people awake at night. – rising gas and grocery prices, the cost of prescription drugs and safer society are what they’re talking about, it’s a historic neighborhood for the black society and I do not think they are ready to hand over this race 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 do not need a congressman who is dependent on economic interests, or a candidate who has the courage to campaign for cryptocurrency as a major topic in our society. ”

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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