Noted cryptocurrency critic Rep. Jamaal Bowman’s (D-N.Y.) has lost the New York 16th District Democratic primary, with pro-cryptocurrency super PAC Fairshake taking credit for his defeat.

What Happened: Dan Spuller, head of industry affairs at Blockchain Association, reported Tuesday about Jamaal Bowman’s defeat to George Latimer, the current Westchester County executive.

Bowman, known for his staunch anti-cryptocurrency stance, voted against the Financial Innovation and Technology for the 21st Century Act (FIT21), colloquially dubbed the “crypto bill,” last month. But that’s not all.

The congressman also voted against a bill that sought a ban on the issuance of central bank digital currency (CBDC), and opposed a bipartisan bill that overturned a controversial SEC cryptocurrency accounting directive last month.

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According to Fox Business journalist Eleanor Terett, pro-cryptocurrency PAC, Fairshake, spent $2 million on ads opposing Bowman last week.

“The crypto and blockchain community will continue to support candidates who believe in innovation and job creation, and reach across the aisle to get things done,” Fairshake spokesman Josh Vlasto said.

Why It Matters: Bowman’s defeat may be a sign of the growing influence of the cryptocurrency demographic in the U.S. A recent survey revealed that one-third of 2024 voters could be swayed by a candidate’s stance on cryptocurrencies.

His loss comes after a high-profile endorsement for Latimer from former Secretary of State, Hillary Clinton. Clinton’s support was seen as a significant blow to Bowman’s campaign, which was already marked by contentious allegations of racism.

A member of The Squad, Bowman has faced criticism from Latimer for voting against the bipartisan infrastructure plan supported by President Joe Biden.

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