More Cryptocurrency PAC Money Raises Jonathan Jackson’s Congressional Offer: New Total of $991,276

House Democratic 1st Congressional District nominee Jonathan Jackson is getting another major boost from cryptocurrency political action committees, with new spending reported to the Federal Election Commission, raising the industry’s total crypto spending on ads to promote Jackson Tuesday at $991,276.

The Chicago Sun-Times reported Sunday that the “Protect Our Future” PAC, funded by crypto billionaire Samuel Bankman-Fried, has bought $500,026 worth of TV ads. On Monday, the Sun-Times reported that Jackson’s main competitors – Ald. Pat Dowell (3rd), Senator Jacqueline Collins and business owner Jonathan Swain – lamented the crypto industry’s spending to elect Jackson.

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

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The Web3 Forward and “Protect Our Future” political action committee has spent enough money to influence the outcome of the 1st district race, while the cryptocurrency industry – faced with a crisis as prices collapsed – has increased its political spending to to shape Congress regulates the activity of digital assets.

While Bankman-Fried’s PAC — he donated $23 million of the $24 million he’s raised — is pushing for greater “pandemic preparedness,” the reality that cannot be ignored is that Bankman-Fried, who is on the committees of the House and Senate has testified, wants to influence crypto policy.

According to its website, Web3 Forward supports Democrats who “work to give US-based innovators the opportunity to build the next generation of technologies and services in America rather than do 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.” “. †

The expenses – termed “arm’s length expenses” by the FEC – should be incurred without coordination with the campaign of the candidate they are trying to help.

FEC filings that in April Web3 Forward paid a Chicago company, Gragert Research, $3,000 and paid AKPD, a Chicago-based political consultancy, $14,090 for work on other races.

Documents filed by the FEC also show that one of the top donors to the political action committee – $500,000 – is the GMI PAC, with GMI being a major company in the crypto industry.

alde. Pat Dowell (3rd) said in a statement that Bankman-Fried is “trying to buy the election with a $500,000 TV purchase that Jackson supports”. 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 determine who will represent them in Congress. And let’s face it, crypto issues aren’t what keeps people up at night — rising gas and grocery prices, the cost of prescription drugs, and safer communities are what they’re talking about. It’s a historic neighborhood for the black community and I don’t think they’re ready to hand this race over to candidates willing to [be] bought by billionaires with vested interests.

Collins said in a statement, “In a district grappling with decades of economic divestment, we don’t need a congressman held to vested financial interests, or a candidate who has the guts to help our communities.”

Bankman-Fried is the founder and CEO of FTX, an international cryptocurrency exchange based in Nassau, Bahamas. The company’s US headquarters are located in the West Loop in Chicago.

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