Anti Crypto Jamaal Bowman Loss Was Excited By Community

Key Points:

• The cryptocurrency industry celebrates the defeat of anti-crypto Congressman Jamaal Bowman in recent primaries.
• Jamaal Bowman loss in New York and Curtis’ win in Utah signal growing support for legislators favorable to digital assets and technological innovation.

According to Fox Business, the cryptocurrency industry is celebrating the outcomes of two primaries that could significantly influence future digital asset policies in the United States.

Crypto Industry Cheers Jamaal Bowman Loss

One notable event is the New York Democratic Congressman Jamaal Bowman loss by Westchester County Mayor George Latimer in the race for the 16th Congressional District. The other is the victory of Utah Congressman John Curtis, who secured the Republican nomination for the seat vacated by Senator Mitt Romney. Both candidates have garnered support from pro-cryptocurrency voters eager to see legislators sympathetic to digital currencies and technological innovation in Congress.

Bowman had previously faced criticism for his contentious comments on Israel and the Gaza War. His stance on cryptocurrency also alienated many in the industry, especially due to his alliance with Senator Elizabeth Warren, a vocal opponent of digital currencies. Bowman’s vote against the Financial Innovation and Technology 21st Century Act (FIT 21), which sought to establish regulatory clarity for digital assets, further fueled the discontent.

Tyler Winklevoss, one of the two founders of the Gemini exchange, expressed excitement about the Jamaal Bowman loss:

“Politicians everywhere need to understand that this is what happens when you pick a fight with the crypto army,” Winklevoss wrote.

Super PACs Influence Crypto-friendly Candidate Selection

Fairshake, a pro-cryptocurrency super PAC with $169 million in funding from major crypto and tech figures, spent $2 million on advertisements opposing Bowman in the days leading up to the primary. Although these ads did not directly mention cryptocurrency, Fairshake credited its efforts in Jamaal Bowman loss.

In Utah, Curtis’ primary win was celebrated by the crypto community. Curtis highlighted the growing importance of digital currencies, particularly in Utah, where companies like Overstock have been early adopters of crypto payments. The Defend American Jobs PAC, associated with Fairshake, invested approximately $3.5 million in support of Curtis and $1.2 million in ads against his opponent, Trent Staggs, according to Federal Election Commission filings.