Billionaire fallout of cryptocurrencies: rivals blow up Jonathan Jackson for failing to disclose personal finance disclosure

Democratic House lead candidate Jonathan Jackson was criticized by his main rivals in the 1st Congressional District on Monday for failing to present his legally required personal financial disclosures as they lamented the $ 500,065 spent by a crypto billionaire’s PAC to elect him.

An outside group’s $ 500,065, Protect Our Future, is paying for TV commercials, which have the potential to overturn the crowded competition to replace retired rep Bobby Rush, D-Ill., Because they feature Jackson’s famous father, Reverend Jesse Jackson.

Polls shared with the Chicago Sun-Times show that voters have no particular interest in a rather unknown generic name “Jonathan Jackson”. Once he learns who his father is, Jackson’s numbers jump.

The Sun-Times revealed on Sunday that the “Protect Our Future” political action committee is spending $ 500,065 to support Jackson – at the same time PAC-backing billionaire Samuel Bankman-Fried is trying to shape how the Congress regulates the digital asset industry.

While Bankman-Fried’s PAC – donated $ 23 million of the $ 24 million raised – is pushing for greater “pandemic preparedness,” the reality that cannot be ignored is Bankman-Fried, who testified before House committees. and Senate, wants to influence cryptocurrency policy.

Ald. Pat Dowell (3rd) said in a statement that Bankman-Fried “is looking to buy the election with a $ 500,000 television commercial purchase in support of Jackson. Even before the votes were counted, Jackson has already put up a “For Sale” sign.

As for Jackson not filing his disclosure report, “People need to know how much money he has and how he makes,” Dowell said in an interview with the Sun-Times, where he added, “this particular billionaire is not. it should have no influence on a rush to the local Congress ”.

State Senator Jacqueline Collins, D-Chicago, noting that Jackson lent his campaign $ 50,000, said, “To date, he has not yet filed and voters have no idea where the tens of thousands of dollars he has come from. lent his campaign. Jackson must follow the law. Period. ”

Entrepreneur Jonathan Swain said in a statement that 1st Congressional District voters “are not interested in outsiders determining who will represent them in Congress. And let’s be honest, cryptocurrency issues aren’t what keeps people up at night – rising gas and food prices, the cost of prescription drugs, and safe communities are what they’re talking about. This is a historic district for the black community and I don’t think they are ready to hand this race over to candidates willing to [be] bought by billionaires with special interests.


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

Jackson is close to Maxine Waters, chairman of the California House Financial Services Committee, who has known him since he was a child. Bankman-Fried PAC also paid $ 151,420 by direct mail to raise rep Jesus “Chuy” Garcia, D-Ill., Who does not have a Democratic main opponent but is a member of the Financial Services Committee.

The Sun-Times revealed on June 2 that Jackson did not file the mandate report for all House candidates, detailing income, assets, loans and debts, although all of his main rivals followed the law. Jackson then told the Sun-Times: “This is an oversight and a mistake that I have not filed” and he “absolutely” will present his statement.

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

Collins continued in his statement: “In a district struggling for decades of economic divestment, we don’t need a congressman with special financial interests, or a candidate with the courage to campaign on cryptocurrency regulation. as the main issue in our communities. ”

Under the Ethics in Government Act of 1978, candidates for the House of Representatives are required to submit financial information that details sources of income, liabilities and assets.


The commercials are run by a new political action fund, Forward Progress, in support of Karin Norington-Reaves, the former CEO of the Chicago Cook Workforce Partnership. The mysterious PAC has not reported its independent spending to the Federal Election Commission, even though the television time has already been purchased. FEC rules require PACs that make independent expenses to report expenses within 24 to 48 hours. The information on tracking TV advertising purchases shared with Sun-Times Forward Progress shows bought $ 161,211 of time for their commercials.

PACs making independent spending are prohibited from coordinating or communicating with the campaigns they are trying to help.

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