More cryptocurrency PAC money boosting Jonathan Jackson’s bid for Congress: new total $991,276

The crypto industry is pouring money into ads to elect Jonathan Jackson to Congress

Ashlee Rezin/Sun-Times file

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 broke the news on Sunday that the “Protect Our Future” PAC, bankrolled by crypto billionaire Samuel Bankman-Fried, bought $500,026 in television ads. On Monday, the Sun-Times reported 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.

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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 …read more

Source:: Chicago Sun Times

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