Crypto Spends Big in Illinois House Races to Say Consumer Rights Supporters Are Corrupt
Quick Insights
The Bottom Line
Crypto companies spent $3.3 million attacking Illinois politicians who supported consumer protection rules.
How This Affects You
If crypto-backed candidates win, you may have less protection against fraud and scams when using digital currencies.
AI Summary
Fairshake PAC, a cryptocurrency political action committee, has spent at least $3.3 million attacking two Democratic candidates in Illinois congressional primaries who supported state-level crypto consumer protection regulations last year. The PAC is targeting state Sen. Robert Peters (endorsed by Bernie Sanders) and state Rep. La Shawn K. Ford with ads calling them corrupt, including one misleading ad that highlighted Ford's 2012 federal indictment without noting he ultimately pleaded guilty only to a misdemeanor tax charge. Both candidates voted for Illinois legislation that forces crypto companies to register with the state and comply with local rules to serve residents. The attacks represent payback from an industry that prefers looser federal regulations over state-level consumer protections. Ford's campaign has sent Fairshake a cease-and-desist letter over the misleading advertisements.
What's Being Done
One targeted candidate sent a cease-and-desist letter over misleading ads.
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