Crypto billionaire fallout: Rivals blast Jonathan Jackson for not filing personal finance disclosure

Democratic House primary candidate Jonathan Jackson was criticized Monday by his top rivals in the first district of Congress for failing to file his legally required personal financial statements as he lamented the $ 500,065 spent by the CAP on a cryptocurrency billionaire to choose him.

$ 500,065 from an outside group, Protect Our Future, is paying for TV commercials, which have the potential to reverse the crowded contest to replace retiring representative Bobby Rush, a Democrat by illness, because they include Jackson’s famous father, the Rev. Jesse Jackson. .

Surveys shared with the Chicago Sun-Times show that voters have no particular interest in an unknown generic name “Jonathan Jackson.” Once they know who their father is, Jackson’s numbers jump.

The Sun-Times revealed on Sunday how the “Protect Our Future” political action committee is spending $ 500,065 to support Jackson, while CAP billionaire financier Samuel Bankman-Fried is trying to shape how Congress regulates the digital assets industry. .

While the Bankman-Fried PAC – donating $ 23 million out of the $ 24 million it raised – is pushing for more “pandemic preparedness”, the reality that cannot be ignored is Bankman-Fried, who testified before House committees. and the Senate, wants to influence cryptographic policy.

Ald. Pat Dowell (3rd) said in a statement that Bankman-Fried “is trying to buy the election with a $ 500,000 purchase of TV commercials in support of Jackson. Even before the votes were counted, Jackson had put up a” Sale “.

As for Jackson not submitting his outreach report, “people need to know how much money he has and how he makes his money,” Dowell said in an interview with the Sun-Times, adding that “this particular billionaire should not have any influence in a local Congress race “.

Chicago Sen. Jacqueline Collins, a Chicago Democrat who noted that Jackson lent her $ 50,000 campaign, said: his campaign. Jackson has to obey the law. Period. “

Business owner Jonathan Swain said in a statement that voters in the first district of Congress “are not interested in outsiders determining who will represent them in Congress. And let’s be honest, cryptographic issues are not what they are keeping people awake at night: rising gasoline and food prices, the cost of prescription drugs, and safe communities is what I’m talking about – this is a historic district for the black community and I don’t think they’re ready for hand over this race to candidates who are willing to [be] bought by special interest billionaires “.


After being criticized by his rivals on Monday, Jackson told the Sun-Times, “I apologize because it took me so long to file my personal financial statement. It will be filed tomorrow.”

Jackson is close to the chair of the House Financial Services Committee, Rep. Maxine Waters, a Democrat from California who has known him since he was a child. The Bankman-Fried PAC also paid $ 151,420 for pieces of direct mail to propel Rep. Jesus “Chuy” Garcia, a Democrat from Ill., Who does not have a Democratic opponent in the primary, but is a member of the Financial Services Committee.

The Sun-Times revealed on June 2 that Jackson did not submit the mandatory report to all candidates for the House, detailing income, assets, loans and debts, although all of his main rivals followed the law. Jackson told the Sun-Times then, “That’s a mistake and a mistake I didn’t file” and he will “absolutely” send his presentation.

Bankman-Fried is the founder and CEO of FTX, an international cryptocurrency exchange based in Nassau, the capital of the Bahamas.

Collins continued in his statement: “In a district struggling for decades of economic divestment, we do not need a congressman who has a special financial interest, or a candidate with the courage to campaign on cryptographic regulation as the main problem of our communities. ”

Candidates for the House of Representatives are required, under the federal Ethics Act in the 1978 government, to submit financial information detailing sources of income, liabilities, and assets.


The venues are being managed by a new political action fund, Forward Progress, which supports Karin Norington-Reaves, the former CEO of the Chicago Cook Workforce Partnership. The mysterious PAC did not report its independent expenses to the Federal Electoral Commission, although television time has already been purchased. The rules of the FEC require that PACs that make independent expenditures report the expenditure within 24 or 48 hours. Shopping ad tracking tracking information shared with the Sun-Times shows that Forward Progress bought $ 161,211 from the time of its locations.

Self-employed PACs are prohibited from coordinating or communicating with the campaigns they are trying to help.

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