Crypto Billionaires Fallout: Rivals Criticize Jonathan Jackson For Failing To File Personal Finance Statement

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

The $500,065 from an outside group, Protect Our Future, is paying for the TV ads, which have the potential to change the crowded pageant 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 fairly unknown generic name like “Jonathan Jackson.” Once they know who his father is, Jackson’s numbers jump.

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

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

Ald. Pat Dowell (third) said in a statement that Bankman-Fried β€œis trying to buy the election with a $500,000 TV ad buy in support of Jackson. Even before the votes have been 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 his money,” Dowell said in an interview with the Sun-Times, adding, “this particular billionaire shouldn’t have any influence”. in a race for local Congress.

State Sen. Jacqueline Collins, D-Chicago, noted that Jackson lent his campaign $50,000, saying, β€œTo this day, he still hasn’t run and voters have no idea where the tens of thousands of dollars lent to his campaign. . Jackson needs to follow the law. Period.”

Company owner Jonathan Swain said in a statement that voters in the 1st Congressional District β€œare not interested in outsiders determining who will represent them in Congress. And let’s be honest, crypto issues aren’t what keep people up at night: rising gas and grocery prices, the cost of prescription drugs, and safe communities are what they talk to me about. This is a historic district for the black community and I don’t think they’re ready to cede this race to candidates who are willing to [be] bought by billionaires with special interests.”


After coming under fire from rivals on Monday, Jackson told the Sun-Times: β€œI apologize for taking so long to file my personal financial disclosure statement. It will be filed tomorrow.”

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

the times of the sun revealed on June 2 that Jackson failed to file the required report for all House candidates, detailing income, assets, loans and debts, even though all of his main rivals complied with the law. Jackson told the Sun-Times at the time: “That’s an oversight and a mistake that I didn’t file” and “absolutely” will file his own.

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: β€œIn a district fighting decades of economic disinvestment, we don’t need a congressman who is beholden to special financial interests, or a candidate with the gall to campaign on crypto regulation as the leading issue in our communities. . ”

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


The announcements are made by a new political action fund, Forward Progress, which supports Karin Norington-Reaves, former executive director of the Chicago Cook Workforce Partnership. The mysterious PAC has not reported its independent spending to the Federal Election Commission, even though it has already bought television time. FEC rules require PACs that make independent expenditures to report expenditures within 24 to 48 hours. TV ad purchase tracking information shared with Sun-Times Forward Progress programs bought $161,211 worth of time for their ads.

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

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