On Tuesday, Rep. Jamaal Bowman, a Democrat from New York, lost his primary to Westchester County Executive George Latimer. Fairshake PAC spent $2 million on ads critical of Bowman, contributing to his defeat. The PAC and its affiliated groups also secured wins for several other candidates, including Representative John Curtis, who won the Republican nomination for Utah’s Senate seat.
The support of a few thousand voters or a substantial donation could sway the outcome of an election and determine which party takes control. It spends more than $37 million on primary race ads. The majority of its $160 million in contributions comes from four companies: Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.
This influx of crypto money into the government shifts political power dynamics, giving candidates and lawmakers supporting crypto more influence.