Washington — Protect Our Future, a political action committee funded by cryptocurrency billionaire Samuel Bankman Fried, includes $ 500,065 for television advertising to support Jonathan Jackson’s first parliamentary district bid. Spent $ 914,944 to boost the three Illinois Democratic key candidates Federal Election Commission Records..
Protecting future spending is what the FEC calls “independent spending,” and PAC is prohibited by law from coordinating or contacting candidate campaigns.
A Sun-Times survey of this political spending found that:
- As Jackson became interested in the federal digital asset industry, Protect Hour Future cash play began. He is closely associated with D-Caliph, Congressman Maxine Waters, chair of the House Financial Services Commission.
- Bankman-Fried is a major donor to protect our future. He seems to have ignored the federal regulations on independent spending efforts without contact with the campaigns they are trying to help.
The PAC spent $ 151,420 on direct mail to assist Congressman Jesus Garcia, even if he wasn’t campaigning against Democratic Primary. And lesser-known Republicans on ballots in safe Democratic districts, or spend money. It is very rare for a PAC to jump in a race where the candidate has zero real opposition for a real purpose.
Garcia told the Chicago Sun-Times on Sunday that Bankman Fried called him about a week and a half ago to discuss one of his problems, the pandemic response. Garcia is a member of the Financial Services Commission, which regulates parts of the digital asset industry.
- Voters also know nothing about Jackson’s source of income, as Jackson has not submitted the required disclosure of personal financial information as of Sunday.
- Ironically, Jackson’s candidacy has gained millionaire support, so Senator Bernie Sanders, who supports Jackson, said at a Saturday rally at the Humboldt Park Boathouse in the northwest. I lamented my strength. Sanders was on stage with Jackson and Garcia, who are nearby, and D-Chicago’s Congressman Delia Ramirez, who also supports Sanders.
“These millionaires don’t want people like Delia and Jonathan to be in Washington,” Sanders said. “They don’t want them. We want them. They got the money. We got the power of the people. To get us organized and vote. Only if we work hard can we beat the money. “
The primary in District 1 is the successor to retiring Rep. Bobby Rush (D-Ill.), Who rarely has vacant seats, so 17 Democrats vote on the ballot. Winners of the June 28 primary in this highly democratic district could win seats in November.
According to TV ad purchase tracking data shared with Sun-Times, Jackson’s Protect Our Future spot is currently airing on cable channels until election day.
Protect Our Future PAC advertises to help Nikki Budzinski, the primary front-runner of the 13th District Democratic Party, towing Decatur, Champaign Urbana, Springfield, and East St. Louis, which is part of the Democratic Party in northern Illinois. Also spent $ 263,453.
According to a spokeswoman, the purpose of the PAC is to promote the prevention of pandemics. Michael Sadowsky, President of Protect Our Future, said in a statement to Sun-Times that PAC is “proud” to support Jackson, Garcia and Budinsky.
The call to Jackson for comment has not yet been returned.
Bankman Fried File: Bankman-Fried is the founder and CEO of FTX, an international cryptocurrency exchange based in the Bahamas’ capital, Nassau.
The FTX United States business (FTX US) is headquartered in West Loop, Chicago.
According to the campaign watchdog group Open Secrets, Bankman-Fried has emerged as one of the major mega donors in the 2022 cycle. Open secret reported On June 6, the FTX was “owned by billionaire investors. Sam Bankman FriedEstablished a position as a leader in the battle of influence. ”
Bankman Fried gave his Super Pack $ 23 million: $ 500,065 to boost Jackson comes from Protect Our Future, a new political action committee that allows you to receive unlimited donations from individuals. According to FEC records, the PAC has reported a $ 24,156,970 receipt, of which $ 23 million comes from Bankman-Fried, whose address is in Nassau. Another FTX executive, also with Nassau’s address, has donated $ 1 million.
Forbes has set Bankman Fried’s net worth at $ 19.8 billion.
Bankman Fried Agendas — Cryptographic Regulations, Pandemics: The crypto industry, regulated by the federal government, has grown enormously and is subject to continuous parliamentary oversight. Over the past few months, Bankman-Fried has testified in front of a committee of the House and Senate that is considering digital asset regulation. Bankman-Fried was a witness to a hearing entitled “The Future of Digital Assets and Finance” before the House Financial Services Commission on December 8, 2021.
Bankman-Fried is also a donor to Guarding Against Pandemics, a non-profit organization run by his brother Gabe Bankman-Fried.
Top Digital Asset Regulation Issues on Jackson’s Website: Regulations in the digital asset industry have emerged as Jackson’s priority among all the issues of concern in the 1890 district, which dominates parts of the South and Southwest and extends close to Kankakee.
It’s the first issue on Jackson’s website, where he wants a smaller number of participants in the crypto business. Jackson has even upheld the regulatory framework of a particular bill, the Digital Commodity Derivatives Act.
The second most prominent issue on Jackson’s site is the issue titled “Anti-Pandemic Countermeasures.”
Jackson, Garcia has a similar anti-pandemic language on the website: Jackson and Garcia have posted a statement on their website regarding the preparation of a pandemic to share some unusual language. Each calls for “independent monitoring of laboratories conducting dual-use research of concern.” Both endorsed something very specific — depriving the National Institutes of Health for oversight.
Budzinski hasn’t posted anything about cryptocurrencies or pandemic policies on her website. Bankman-Fried also donated $ 6 million to the democratic ally House Majority PAC. Her victory in Illinois 13 is a priority for House Democrats, and Budinsky is considered her primary and strongest candidate.
Jackson’s link to the financial services panel: The Financial Services Commission is chaired by Waters, who is very close to the Jackson family, led by Rev. Jesse Jackson. As reported in February, At the kick-off of the campaign, Jackson talked about Jonathan and his shameful brother, Waters, who knows a former MP. Jesse Jackson, D-Ill. , Because they were children. Former MP Jackson resigned from his seat under a cloud of investigation and went to jail for looting his election funds.
Garcia told Bankman Fried: Garcia pointed out that when we spoke on Sunday, candidates had no “choice” for independent spending. When I asked Garcia why crypto billionaires endorsed him, he “because I spoke frankly about the pandemic” and how it affected the Latin American and minority communities. He said “disproportionately” about the currency. Also, at the Financial Services Commission, I have been very vocal about the need for the United States to provide vaccines worldwide through representatives of international financial institutions. “
Garcia refers to Bankman Fried and states: He told me here, domestically and on board, that I am grateful for my support for his policy position. He called it “about a week and a half ago or so.”
About Bankman Fried Pack to support Nikki Bujinsky: In the open seat contest, Buzinsky in Springfield is the leading candidate for the Democratic primary in District 13. The race is a priority for House Democrats and the 13th could compete in November.
In April, Bankman Fried donated $ 6 million to the League for Democracy House Majority PAC. The goal is to put the house under democratic control.
Bankman-Fried also made a personal donation of $ 2,900 to Ald. Gil Vijegas (36th), his main rival is Ramirez, the primary. Villegas on his website wants a “new regulatory framework” for cryptocurrencies and blockchain technology.
Campaign Cash Jackson Law:External spending of $ 500,065 for Jackson is about the same as or better than that raised by major individual campaigns. Jackson lags behind his main rivals in funding. Jackson rented out his campaign $ 50,000 in May.
According to a pre-primary report submitted to FEC last week covering donations and spending up to June 8, ProtectOurFuture’s ad purchases are pretty big given the cash on hand of the top five rivals.
Jonathan Swain$ 543,198 was raised in cash on hand for $ 154,892.
Pat Dowell $ 531,811 raised in cash on hand for $ 248,184.
Karin Norrington-Leaves $ 459,826 has been raised in cash on hand for $ 187,454.
Jonathan Jackson$ 375,303 raised with cash on hand for $ 49,089
Jacqueline Collins$ 160,936 was raised in cash on hand for $ 56,209.
