SBF’s Shadow: PAC Attacks NY Candidate Over FTX Ties

Tech-Backed PAC Targets New York Candidate with SBF Connection

A political action committee, Think Big PAC, is leveraging past financial support from disgraced FTX founder Sam Bankman-Fried to attack New York Assemblymember Alex Bores in a competitive congressional primary. The PAC’s campaign centers on Bores’ acceptance of over $100,000 in contributions linked to Bankman-Fried’s political network, aiming to portray him as out of touch with voters and entangled with a controversial figure in the crypto world. This development underscores a broader trend of tech and crypto interests increasingly wading into political races, particularly in New York, and raises questions about the lingering influence of figures like Bankman-Fried even after their downfall.

The Primary Battleground

Bores is competing in a crowded Democratic primary for New York’s 12th Congressional District, a reliably Democratic seat being vacated by Representative Jerry Nadler. The race has already attracted high-profile contenders, including Jack Schlossberg, grandson of John F. Kennedy, and George Conway, a prominent lawyer and outspoken critic of Donald Trump. According to amny.com, early polling suggests a tight race, making every attack ad and fundraising advantage crucial.

Think Big PAC’s Strategy

Think Big PAC’s attack on Bores takes the form of a sharply worded mailer and digital advertising, highlighting the $100,000+ in contributions he received from Bankman-Fried and affiliated executives during the 2022 election cycle. The PAC argues that Bores is attempting to distance himself from this connection while simultaneously pursuing legislation that could benefit the tech industry. A spokesperson for Think Big PAC told CoinDesk that Bores is “entitled to his own opinion but not his own set of facts on the role SBF has played in bankrolling his political career.” The PAC states its mission is to support candidates aligned with pro-technology policies and oppose those perceived as hostile to innovation, particularly in artificial intelligence. Think Big PAC has previously engaged in similar campaigns in Ohio.

Bores’ AI Legislation and the PAC’s Response

The timing of the attacks coincides with Bores’ recent focus on artificial intelligence regulation. He has introduced legislation at the state level aimed at imposing guardrails on advanced AI systems, focusing on safety, and accountability. Politico reports that this legislative push may have made him a target for groups like Think Big PAC, who advocate for less restrictive AI policies. The PAC’s messaging suggests a contradiction: criticizing Bores for allegedly creating a “reality” while simultaneously highlighting his past acceptance of funds from a figure now synonymous with fraud and deception.

The SBF Connection: A Wider Pattern

The focus on Bankman-Fried’s donations is significant because of the scale of his political spending prior to the collapse of FTX. A CoinDesk analysis revealed that 196 members of Congress – over one-third – received campaign contributions from Bankman-Fried or FTX executives in the 2022 cycle. However, Bores was one of only two state-level candidates in New York to receive support from the SBF-affiliated PAC, alongside Lieutenant Governor Antonio Delgado. This relatively unusual level of direct support may explain why Bores has become a specific target.

Escalating Attacks and Legal Challenges

Think Big PAC has already invested hundreds of thousands of dollars in ads targeting Bores, including earlier spots criticizing his previous employment at Palantir, a data analytics firm. Bores’ campaign responded to those ads with a cease-and-desist letter, alleging that the PAC was making “false and defamatory statements.” The escalating nature of the attacks suggests a willingness by Think Big PAC to spend aggressively to influence the outcome of the primary.

Implications for Campaign Finance and Tech Influence

This situation highlights the growing role of outside spending in political campaigns, particularly from groups with specific policy agendas. The involvement of Think Big PAC, backed by tech and crypto donors, demonstrates a concerted effort to shape the political landscape in New York. The use of Bankman-Fried’s past contributions as a weapon in the campaign also raises questions about the long-term consequences of accepting donations from controversial figures, even before their wrongdoing becomes public. The case also underscores the increasing scrutiny of campaign finance practices and the potential for outside groups to influence elections through negative advertising and targeted attacks.

What’s Next

The primary election for New York’s 12th Congressional District is expected to be held later this year. Think Big PAC is likely to continue its advertising campaign against Bores, and his campaign will likely respond with further rebuttals. The outcome of the primary will be closely watched as a test of the effectiveness of the PAC’s strategy and the resilience of candidates targeted by similar attacks. Further scrutiny of campaign finance disclosures will reveal the full extent of Think Big PAC’s spending and the identities of its donors. The Federal Election Commission (FEC) will continue to oversee campaign finance regulations, but enforcement actions are often slow and limited.