House Democratic 1st Congressional District candidate Jonathan Jackson is getting another major jolt of help from cryptocurrency political action committees, with new spending reported to the Federal Election Commission bringing total spending by the crypto industry on ads to elect Jackson to $991,276 as of Tuesday.
The Chicago Sun-Times that the “Protect Our Future” PAC, bankrolled by crypto billionaire Samuel Bankman-Fried, bought $500,026 in television ads. On that Jackson’s top rivals — Ald. Pat Dowell (3rd), state Sen. Jacqueline Collins and business owner Jonathan Swain — deplored the crypto special interest industry spending aimed at electing Jackson.
The new FEC filing reveals Web3 Forward spent $491,250 in media buys to support Jackson, one of 17 Democrats in the June 28 primary battle to replace retiring U.S. Rep. Bobby Rush, D-Ill.
Web3 Forward and “Protect Our Future” political action committee are spending enough money to influence the outcome of the 1st District race at the same time the cryptocurrency industry — facing a crisis as prices have crashed — is increasing its political spending to shape how Congress regulates the digital asset business.
While Bankman-Fried’s PAC — he donated $23 million of the $24 million it collected — is pushing for more “pandemic preparedness,” the reality that can’t be ignored is 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 U.S.-based innovators the opportunity to build next-generation technologies and services in America rather than doing their valuable work overseas.”
The purpose of the group, according to its website, is to provide “blockchain…
