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Cryptocurrency News Articles
Pennsylvania Rep. Summer Lee Blasts Crypto-Backed Super PACs for 'Demonizing' Candidates in 2024 Primaries
Oct 25, 2024 at 05:04 am
Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the "influence and control" special interest groups
Pennsylvania Representative Summer Lee criticized cryptocurrency-backed political action committees (PACs) for funding advertisements that “demonize” candidates in the 2024 primaries — often for reasons unrelated to digital assets.
Representative Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024 at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform.
The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.”
“Look at what they did to my colleagues and friends Cori Bush and Jamaal Bowman. We’re talking about a nurse and a principal […] in those races, the crypto PACs spent more than $3 million to unseat them […] we lost some of the most important voices in Congress.”
She added:
Representative Lee was referring to actions by the Fairshake PAC, which funded media buys opposing Bowman, the Representative for New York’s 16th Congressional District, and Bush, the Representative for Missouri’s 1st Congressional District. Both Democratic candidates lost their respective primaries in June and August after the crypto PAC poured more than $3 million combined into the two races.
Fairshake PAC’s reported expenditures from January 2023 to September 2024. Source: FEC
In August — after Rep. Bush lost her primary — Fairshake’s Josh Vlasto claimed the Missouri representative was an “anti-crypto, Elizabeth Warren-endorsed lawmaker,” suggesting that the crypto industry would support candidates favorable to its interests.
“What we’re arguing is not that folks, industries, interests shouldn’t have a say in our democracy,” said Rep. Lee, referring to crypto and other interest groups. “What we’re saying is that they shouldn’t have the loudest say. They shouldn’t have an outsized say.”
At the Permissionless conference on Oct. 10, Texas Blockchain Council President Lee Bratcher told Cointelegraph that the activity of crypto PACs and industry leaders funding campaigns was a “function of how democracy works.”
“People are realizing that using funds to get face time and get bandwidth to educate elected officials… it’s almost like a function of the market,” said Bratcher. “If you want to educate someone, you have to have time to do that. To get time to do that, you have to be a big part of their campaign.”
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