Personal finance

Crypto billionaire fallout: Rivals blasts Jonathan Jackson for failing to file personal financial statements

Democratic House No. 1 nominee Jonathan Jackson came under fire Monday from his main rivals in the 1st Congressional District for failing to file his legally required personal financial disclosures as they lamented the $500,065 spent by the PAC of a crypto billionaire to elect him.

The $500,065 from an outside group, Protect Our Future, pays for TV ads — which have the potential to upend the crowded contest to replace retired Rep. Bobby Rush, D-Ill., as they feature the famous dad of Jackson, the Reverend Jesse Jackson.

A poll shared with the Chicago Sun-Times shows that voters have no particular interest in a rather unknown generic name “Jonathan Jackson.” Once they learn who his father is, Jackson’s numbers go up.

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

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

Aldus. Pat Dowell (3rd) said in a statement that Bankman-Fried is “trying to buy the election with a $500,000 TV ad buy supporting Jackson. Before the votes are even counted, Jackson has already set 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, where she added, “This particular billionaire should have no influence on a local congressional race.

State Senator Jacqueline Collins, D-Chicago, noting Jackson loaned her campaign $50,000, said, “As of today, he still hasn’t filed, and voters have no idea. where the tens of thousands of dollars he lent to his campaign came from. . Jackson must obey the law. Period.”

Company owner Jonathan Swain said in a statement that voters in the 1st Congressional District “are 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 speak to me. It’s a historic neighborhood for the black community and I don’t think they’re ready to hand this race over to candidates who are willing to [be] bought by billionaires with vested interests.

JACKSON PROMISES TO FILE PERSONAL DISCLOSURE REPORT ON TUESDAY

After being lambasted by his rivals on Monday, Jackson told the Sun-Times, “I apologize that it took so long to file my personal financial disclosure statement. It will be tabled tomorrow.

Jackson is close to House Financial Services Committee Chair Maxine Waters, D-Calif., who has known him since he was a child. Bankman-Fried’s PAC also paid $151,420 for direct mail to boost Rep. Jesus “Chuy” Garcia, D-Ill., who doesn’t have a lead Democratic opponent — but is a member of the Services Committee. financial

The Sun-Times revealed on June 2 that Jackson did not file the mandated 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, “It’s an oversight and a mistake that I didn’t file,” and he will “absolutely” submit his case.

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 with decades of economic divestment, we don’t need a congressman who is beholden to special financial interests, or a candidate who has the nerve. to campaign on crypto regulation as a major 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.

MYSTERY PAC SUPPORTING KARIN NORINGTON-REAVES

The spots are 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 has not reported its freelance spending to the Federal Election Commission, even though television time has already been purchased. FEC rules require self-spending PACs to report their expenses within 24 or 48 hours. TV ad buy tracking information shared with Sun-Times shows Forward Progress bought $161,211 worth of time for their spots.

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