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Crypto billionaire spending big in CD1

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Illinois

* Greg Hinz…

What the Washington media has dubbed “a secret PAC backed by a crypto billionaire” has suddenly swooped into Illinois, dropping half a million dollars into what has been a wild and unpredictable race to succeed the retiring Rep. Bobby Rush, D-Chicago, in Congress.

Spending the money on TV ads promoting candidate Jonathan Jackson is the Protect Our Future Political Action Fund, a little-known Arizona-based group that also has heavily spent in other Democratic races around the country. […]

The website says Jackson wants to improve regulation of the emerging industry and believes steps must be taken to ensure minorities get a chance to participate. It adds that he supports a pending bill that would do that, sponsored by Rep. Ro Khanna, D-Calif., who has endorsed Jackson. […]

Among unanswered questions about the flap is who made the connection between Jackson and Protect Our Future. One possible link is Rep. Jesus “Chuy” Garcia, D-Chicago. He failed to respond to requests for comment, but the PAC reportedly has spent $150,000 on mail pieces promoting him this election year, even though he’s unopposed in the Democratic primary.

* Lynn Sweet…

The Protect Our Future’s cash play comes as Jackson took an interest in the federal-regulated digital asset industry. He is closely connected to the chair of the House Financial Services Committee, Rep. Maxine Waters, D-Calif.

[Samuel Bankman-Fried, CEO of FTX] is the main donor to Protect Our Future. He seems to have flouted federal rules about independent expenditure efforts having no contacts with campaigns they are trying to help. […]

Jackson also has not, as of Sunday, filed a required personal finance disclosure, so voters have no idea about Jackson’s income sources.

Ironically, as Jackson’s candidacy is getting a billionaire’s boost, Sen. Bernie Sanders — who is endorsing Jackson — deplored the power of billionaires at a Saturday rally at the Humboldt Park Boathouse on the Northwest Side. Sanders was on a stage with Jackson and Garcia, who he is close to, and state Rep. Delia Ramirez, D-Chicago, who Sanders is also backing.

* Gee, I wonder what he might be hiding by not filing his disclosure forms?…

Democratic House primary candidate Jonathan Jackson was blasted by his leading 1st Congressional District rivals on Monday for not filing his legally required personal financial disclosures as they deplored the $500,065 being spent by a crypto billionaire’s PAC to elect him. […]

Polling shared with the Chicago Sun-Times shows that voters have no particular interest in a rather unknown generically named “Jonathan Jackson.” Once they learn who his father is, Jackson’s numbers jump. […]

After being blasted by his rivals Monday, Jackson told the Sun-Times, “I apologize that filing my personal financial disclosure statement has taken this long. It will be filed tomorrow.”

Jackson is close to House Financial Services Committee Chair Rep. Maxine Waters, D-Calif., who has known him since he was a kid. Bankman-Fried’s PAC also paid $151,420 for direct mail pieces to boost Rep. Jesus “Chuy” Garcia, D-Ill., who does not have a Democratic primary opponent — but is a member of the Financial Services Committee.

Billionaire Michael Bloomberg completely upended the 2013 special congressional primary by spending heavily on behalf of Robin Kelly, the eventual winner. Jackson may be hoping to follow suit here.

Bankman-Fried’s PAC is also spending about a quarter mil on behalf of Democrat Nikki Budzinski in CD13. His company, FTX, made a Super Bowl ad with Larry David.

posted by Rich Miller
Tuesday, Jun 21, 22 @ 10:32 am

Comments

This guy fancies himself a kingmaker while losing 10% of his net worth a day.

Comment by Roadrager Tuesday, Jun 21, 22 @ 10:35 am
Sen Bernout Sanders, who spends more time attacking other Democrats than he does Repubs. Yeah we really need more of that in Congress… not

Comment by low level Tuesday, Jun 21, 22 @ 10:49 am
And over on the Republican side, we have a candidate who thinks his conviction for sexual assault makes him better qualified because he “knows the system”.

Where do they find these people?

Comment by JoanP Tuesday, Jun 21, 22 @ 10:54 am
It’s a crowded primary, but I would not be shocked if Jahmal Cole rises to the top, either here or in some other race. Don’t underestimate that man.

Comment by Ok Tuesday, Jun 21, 22 @ 11:26 am
People curious what else he’s been up to this cycle should check out the press around OR-06, a new seat without an incumbent. Bankman-Fried wound up dumping cash that seems to have topped $10 million in the end, more than any independent expenditure to any candidate in any race this year. The ads were apparently wall-to-wall on behalf of some guy nobody knew, who declined to do much other media. Bankman-Fried’s donations were originally coming from a weird company in Nevada to conceal their source:

https://www.wweek.com/news/2022/05/04/how-oregons-new-congressional-district-could-become-a-colony-ruled-by-a-distant-crypto-prince/

The upside of this: the candidate lost, and badly.

Comment by granville Tuesday, Jun 21, 22 @ 12:09 pm