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Crypto billionaire’s PAC spends nearly $1 million in Illinois Democratic congressional primaries

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Crypto billionaire’s PAC spends nearly  million in Illinois Democratic congressional primaries


WASHINGTON — Shield Our Future, a political motion committee bankrolled by cryptocurrency billionaire Samuel Bankman-Fried, spent $914,944 to spice up three Illinois Democratic main candidates, together with $500,065 for tv adverts to assist Jonathan Jackson’s 1st Congressional District bid, in line with Federal Election Fee information.

Shield Our Future spending is what the FEC calls an “impartial expenditure,” with the PAC by legislation prohibited from coordinating or speaking with a candidate’s marketing campaign.

A Solar-Occasions examination of this political spending discovered:

  • The Shield Our Future’s money play comes as Jackson took an curiosity within the federal-regulated digital asset business. He’s intently linked to the chair of the Home Monetary Companies Committee, Rep. Maxine Waters, D-Calif.
  • Bankman-Fried is the principle donor to Shield Our Future. He appears to have flouted federal guidelines about impartial expenditure efforts having no contacts with campaigns they’re making an attempt to assist.

The PAC spent $151,420 for junk mail items to assist Rep. Jesus “Chuy” Garcia, D-Ailing., although he’s operating unopposed within the Democratic main – and the little recognized Republican on the poll within the secure Democratic district shouldn’t be elevating or spending cash. {That a} PAC jumps in a race the place a candidate has, for sensible functions, zero actual opposition is extremely uncommon.

Garcia informed the Chicago Solar-Occasions on Sunday that Bankman-Fried phoned him a few week-and-a-half in the past to debate considered one of his points, pandemic preparedness. Garcia is a member of the Monetary Companies Committee, which regulates components of the digital belongings business.

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  • Jackson additionally has not, as of Sunday, filed a required private finance disclosure, so voters do not know about Jackson’s revenue sources.

The first District main is to switch retiring Rep. Bobby Rush, D-Ailing., and the not often open seat has 17 Democrats on the poll. The winner of the June 28 main on this closely Democratic district will possible clinch the seat in November.

Based on tv ad-buy monitoring knowledge shared with the Solar-Occasions, the Shield Our Future spots for Jackson are operating on cable channels now by means of Election Day.

The Shield Our Future PAC additionally spent $263,453 on adverts to assist Nikki Budzinski, the frontrunner within the thirteenth District Democratic main, which snakes by means of Democratic parts of downstate Illinois — Decatur, Champaign-Urbana, Springfield and East St. Louis.

The aim of the PAC, a spokesman mentioned, is to encourage pandemic prevention. Michael Sadowsky, the president of Shield Our Future, mentioned in an announcement to the Solar-Occasions the PAC “is proud” to assist Jackson, Garcia and Budzinski “as a result of all three will probably be champions for pandemic prevention as soon as elected to Congress.”

Calls to Jackson for remark haven’t but been returned.

THE BANKMAN-FRIED FILE: Bankman-Fried is the founder and CEO of FTX, a world cryptocurrency alternate primarily based in Nassau, the capital of the Bahamas.

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The FTX United States operation — FTX US — is headquartered in Chicago’s West Loop.

Bankman-Fried has emerged as one of many main mega donors of the 2022 cycle, in line with Open Secrets and techniques, the marketing campaign watchdog group. Open Secrets and techniques reported on June 6 that FTX, “helmed by billionaire investor Sam Bankman-Fried, has positioned itself as a pacesetter within the affect battle.”

BANKMAN-FRIED GAVE $23 MILLION TO HIS SUPER PAC: The $500,065 to spice up Jackson is from Shield Our Future, a brand new political motion committee that may take limitless contributions from people. FEC information present the PAC reported $24,156,970 in receipts, of which $23 million got here from Bankman-Fried, whose deal with is listed in Nassau. One other FTX govt, Nishad Singh, additionally with a Nassau deal with, gave $1 million.

Forbes set Bankman-Fried’s internet price at $19.8 billion.

BANKMAN-FRIED AGENDAS — CRYPTO REGULATION, PANDEMIC: The crypto business, which is federally regulated, is experiencing huge progress and is the topic of ongoing congressional scrutiny. In previous months, Bankman-Fried has testified earlier than Home and Senate committees contemplating digital asset rules. Bankman-Fried was a witness earlier than the Home Monetary Companies committee Dec. 8, 2021, listening to titled, “Digital Belongings and the Way forward for Finance.”

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Bankman-Fried can be a donor to a nonprofit group, Guarding Towards Pandemics, run by his brother, Gabe Bankman-Fried.

DIGITAL ASSET REGULATION TOP ISSUE ON JACKSON WEBSITE: Of all the problems of concern within the 1st Congressional District, which sweeps in components of the South and Southwest Sides, extending to close Kankakee — digital asset business regulation has surfaced as a Jackson precedence.

That’s the first subject on Jackson’s web site, the place he requires extra minority participation within the crypto enterprise. Jackson even goes as far as to endorse the regulatory framework in a particular invoice — the “Digital Commodity Alternate Act.”

The second most distinguished subject on Jackson’s web site is one titled “pandemic preparedness.”

JACKSON, GARCIA HAVE SIMILAR PANDEMIC PREPAREDNESS LANGUAGE ON WEBSITES: Jackson and Garcia have pandemic readiness statements on their web sites that share some uncommon language — every calling for “impartial oversight of labs conducting dual-use analysis of concern.” Each endorsed a really particular factor — taking some supervision energy away from the Nationwide Institutes of Well being.

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Budzinski has nothing on her web site about crypto or pandemic coverage. Bankman-Fried additionally donated $6 million to the Democratic allied Home Majority PAC. Profitable Illinois 13 is a precedence for Home Democrats, and Budzinski is seen because the strongest contender in her main.

JACKSON LINK TO FINANCIAL SERVICES PANEL: The Monetary Companies Committee is chaired by Waters, who could be very shut to the Jackson household, led by Rev. Jesse Jackson. As I reported in February, Jackson, at his marketing campaign kickoff, talked about Waters, who has recognized Jonathan and his disgraced brother, ex-Rep. Jesse Jackson, D-Ailing., since they had been children. Former Rep. Jackson resigned his seat below an investigative cloud and went to jail for looting his marketing campaign fund.

GARCIA TALKED TO BANKMAN-FRIED: Garcia famous once we talked Sunday {that a} candidate has no “alternative” over impartial expenditures. After I requested Garcia why the cryptocurrency billionaire backed him, he mentioned, “As a result of I’ve been outspoken on the pandemic” and about the way it impacted Latino and minority communities “disproportionately. And I’ve additionally been very vocal within the Monetary Companies Committee in regards to the want for the U.S. to — by means of it’s representatives in worldwide monetary establishments — to supply vaccines for the entire world.”

Garcia, referring to Bankman-Fried, mentioned, “I spoke with the man. He informed me that he appreciated my assist for that coverage place, right here, domestically and aboard.” He referred to as “a few week and an half in the past or so.”

ON BANKMAN-FRIED PAC SUPPORTING NIKKI BUDZINSKI: In an open seat contest, Budzinski, from Springfield, is the frontrunner within the Democratic main for the thirteenth District. The race is a precedence for Home Democrats, and the thirteenth could also be aggressive in November.

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In April, Bankman-Fried contributed $6 million to the Democratic-allied Home Majority PAC, whose purpose is to maintain the Home in Democratic management.

Bankman-Fried additionally gave a private donation of $2,900 to Ald. Gil Villegas (thirty sixth), in a main the place his most important rival is state Rep. Delia Ramirez, D-Chicago. Villegas on his web site requires a “new regulatory framework” for cryptocurrency and blockchain know-how.

JACKSON LOW ON CAMPAIGN CASH:The $500,065 outdoors spending for Jackson is about as a lot or greater than the main separate campaigns have raised. Jackson lags behind his chief rivals in fundraising. Jackson loaned his marketing campaign $50,000 in Might.

The Shield Our Future advert purchase is fairly main, given the cash-on-hand of the highest 5 rivals in line with pre-primary stories filed with the FEC final week, protecting contributions and expenditures by means of June 8.

Jonathan Swain, $543,198 raised with $154,892 cash-on-hand.

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Pat Dowell $531,811 raised with $248,184 cash-on-hand.

 Karin Norington-Reaves $459,826 raised with $187,454 cash-on-hand.

 Jonathan Jackson, $375,303 raised with $49,089 cash-on-hand

Jacqueline Collins, $160,936 raised with $56,209 cash-on-hand.

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Illinois

Officials celebrate completion of $73 million project to preserve shoreline at Illinois Beach State Park near Zion

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Officials celebrate completion of  million project to preserve shoreline at Illinois Beach State Park near Zion


Officials celebrate completion of  million project to preserve shoreline at Illinois Beach State Park near Zion
Illinois Governor JB Pritzker gathers on Monday with other state and local officials to celebrate the completion of a major project aimed at preserving the shoreline along Lake Michigan at the Illinois Beach State Park in Lake County. | Photo: IDNR

The governor along with state and local officials celebrated the completion of a $73 million project to preserve the rapidly eroding shoreline at the Illinois Beach State Park near Zion.

Illinois Governor JB Pritzker and local and state officials gathered on Monday to celebrate the completion of the Illinois Beach State Park Shoreline Stabilization Project.

The $73 million investment provided for the preservation of several miles of natural Lake Michigan shoreline in three areas of the park.

Pritzker said the state park is “one of the many natural beauties that make our state special,” with dunes and swales, sprawling marshes, forests of oak and vast arrays of animal life and vegetation — including the last remaining natural shoreline in Illinois.

“And I am so proud and grateful that we could come together to protect it,” Pritzker said.

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“Thanks to all those who tirelessly worked to execute this project – Illinoisans will continue to visit the lakefront here for generations to come, and we’ll keep this habitat and the local economy flourishing,” he added.

A major $73 million project aimed at preserving the shoreline along Lake Michigan at the Illinois Beach State Park in Lake County was recently completed. | Photo: IDNR

Officials say Illinois Beach State Park required immediate intervention to restore the natural lakefront, which was eroding at more than 100 feet per year and putting rare habitats at risk.

The new offshore stone breakwater structures shelter the Lake Michigan shoreline from wave energy and preserve the surrounding ecosystems.

The breakwaters assist in retaining the newly placed sand, slowing down the littoral process, and enhancing public access to the beach.

“Illinois Beach State Park is a natural treasure, and this project ensures its beauty and ecosystem are preserved for future generations,” said Lt. Governor Juliana Stratton. “Protecting our environment is not just about today but about creating a legacy of stewardship that will benefit our communities for years to come.”

Illinois Department of Natural Resources Director Natalie Phelps Finnie said it was a “very real possibility” prior to the project that the shoreline and the landscape beyond it would “vanish forever.”

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A major $73 million project aimed at preserving the shoreline along Lake Michigan at the Illinois Beach State Park in Lake County was recently completed. | Photo: IDNR

“By working together, we were able to preserve precious natural shoreline and irreplaceable habitat,” Finnie said.

“In addition to the ecological benefits, this restoration is already attracting more visitors and special events to Illinois Beach State Park, to the Illinois Beach Hotel, and to the surrounding communities, driving more tourism dollars into this region,” she said.

The park remained open to the public throughout the construction of the breakwaters, which led to careful coordination with the Illinois Department of Natural Resources to ensure safety and accessibility as 35,000 truckloads of sand were hauled within the park.

The general contractor, Michels Construction, collaborated with landscape architecture firm Living Habitats to install various habitat features at the park, including 10 tern nests, limestone ledges, 36 vegetated ecoblocks, 15 pieces of driftwood habitat salvaged from the area, five rock spurs, custom 3D-printed ecoblocks and 4,000 tons of cobblestone.

Beach Park Mayor John Hucker said the beachfront at the state park has always been a great place to visit for kids of all ages. “It is great to see the improvements completed so future generations can enjoy the beach and all that park has to offer.”

Illinois Governor JB Pritzker gathers on Monday with other state and local officials to celebrate the completion of a major project aimed at preserving the shoreline along Lake Michigan at the Illinois Beach State Park in Lake County. | Photo: IDNR

The Illinois Beach State Park Shoreline Stabilization Project marks the first project in the Midwest to achieve Waterfront Edge Design Guidelines (WEDG) Verification.

The WEDG Verification is a national rating system that recognizes resilient, ecological and accessible waterfront projects.

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The project was also selected for the 2024 Best Restored Beach award through the American Shore and Beach Preservation Association (ASBPA).

State Senator Mary Edly-Allen, D-Grayslake, called the state park “one of our community’s greatest assets.”

“Over the years I have witnessed the landscape change and evolve, so to now see it revitalized to this magnitude gives me great joy. As a member of both the Senate Environment and Conservation Committee and the Appropriations Public Safety & Infrastructure Committee, this project highlights the investment in assets that cannot be replaced – our environment. I hope the one million annual visitors to the park can see how committed Illinois is to preserving and protecting our environment,” Edly-Allen said.

“Illinois Beach State Park is situated within a larger 4,500-acre complex of globally significant habitat,” Lake County Chair Sandy Hart said.

“Along with other public landowners such as the Lake County Forest Preserves, the Village of Winthrop Harbor, and Wisconsin Department of Natural Resources, and in partnership with private landowners, a bi-state public-private partnership is caring for this rare dune and swale habitat, which has been designated a Wetland of International Importance. The State’s investment in Illinois Beach State Park will accelerate the protection of this critical landscape,” Hart said.

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When construction projects could be complete in Central Illinois

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When construction projects could be complete in Central Illinois


PEORIA (25News Now) – 2024 was one of Illinois’ busiest construction seasons ever.

With an increase in the state’s gas tax, Illinois spent $249.5 million for 10 major projects in IDOT’s District 4. The gas tax is at 47 cents per gallon for Fiscal Year 2024-2025.

The new eastbound McClugage Bridge is one of the major projects on the list.

“Once the deck is complete, then the contractor can focus on finishing the pavement approaching on the new bridge, installing all new fences and railings,” said IDOT spokesperson Paul Wappel. “There’s still a lot of work to complete, but we hope to open the bridge to vehicle traffic in early December.”

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Weather pending, East Peoria’s Streets Department Supervisor Rick Semonski said the nearly $14 million Springfield Road project will finish before the end of October. He said it would not cause any issues for the annual Festival of Lights parade and the famous Winter Wonderland.

“Crews are milling and paving now, which is getting close to one of the final steps,” Semonski said. “The final steps, of course, would be cleanup, striping, and there’s some concrete work to wrap up.”

If all goes according to plan, the project from start to finish would only have lasted six months.

Below is a list of projects the Illinois Department of Transportation provided 25News, which outlines the statuses of the projects. Comments from IDOT spokesperson Paul Wappel are listed in bold.

Peoria County

  • Eastbound War Memorial Drive (U.S. 150) at Adams Street (Illinois 29) in Peoria: The current extended lane closure is Illinois American Water. IDOT said they are not sure how long they will be there.
  • Adams Street (Illinois 29) between Lorentz Avenue and Eureka Street in Peoria:  Will stay the same until the new McClugage opens to traffic.
  • I-474 at Airport Road (exit 5) near Peoria:  Stage 1 of the project is complete, and the contractor is working on Stage 2 now. Weather permitting, they hope to get the Stage 2 deck poured this year, but the overall completion of the project is not until October 2025.  This project is currently well ahead of schedule.
  • Illinois 8 just east of Oak Hill; closed:  The road is scheduled to reopen by early November.
  • Illinois 91 north of Dunlap; closed: This reopened the Friday before Labor Day (Sept. 30).
  • I-474 near the I-74/Illinois 6 interchange: The contractor is currently building crossover pavement that will be used over the next two years to reconstruct the bridges on I-474.  Traffic control is expected to remain in place until just before Thanksgiving.

Tazewell County

  • Illinois 78 over I-74:  Currently finishing up stage 1 completing earthwork and Hot Mix Asphalt (HMA) and will be switching to stage 2 in about 2 weeks which entails removing the second part of the bridge. The estimated project completion is the end of December, weather permitting.
  • U.S. 24 between Cummings Lane and Main Street in Washington: On Monday, October 7th, we will have a traffic shift on US 24 in Washington from Cummins to Main. The road will still be down to one lane in each direction, but we will switch from traffic using the inside (passing) lanes to the outside (driving) lanes. Currently, we are down to one lane in each direction, with traffic using the inside (passing) lanes.
  • Ongoing construction to realign the intersection of Nofsinger Road and U.S. 24 in Washington will require lane closures on U.S. 24 that started in May. This stage of the project will reduce U.S. 24 to one lane in each direction between Cummings Lane and Main Street. Work is expected to be completed in October.
  • I-155 near Hopedale and at Queenswood Avenue, Broadway Road; Allentown Road, Illinois 122, and Armington Road: The Queenwood Road and Broadway Road bridges over Interstate 155 project in Morton began in August. The project involves replacing bridge joints and resurfacing the bridge decks, and will require lane closures on both bridges through the end of November.
  • Cedar Street Extension (Illinois 116/8) in East Peoria: This is part of the ongoing overhaul of the Cedar Street Bridge (Illinois 8/116) across the Illinois River. A new traffic configuration began in August. This is the first of 3 adjacent consecutive projects over the next several years. Currently, we have 2 ramps closed, and we will be closing all 4 ramps on 10/14 for 2 weeks. Hopefully, by the end of November/early December, (weather permitting) we will reopen all traffic on Cedar Street. In Spring 2025, there will be minor closures to paint the bridge.

McLean County

  • U.S. 24 2 miles east of Chenoa: Stage 2 is underway. The contractor has completed driving, piling, and currently pouring the abutments. Beams will be set once curing is complete. The project will be complete by the end of November.
  • Illinois 9 east of I-55/74 in Bloomington: Contractor continues to replace PCC curb and gutter, driveway entrances, and side roads. The city of Bloomington is nearing completion of the water main relocation, so the contractor can begin the reconstruction of White Oak Road. A pre-pavement meeting is scheduled for next week, as the contractor plans to begin Hot Mix Asphalt (HMA) surface removal next week on Market Street and pave new HMA the following week. The estimated completion date is June 2025.

Woodford County

  • U.S. 24 west of Eureka: Work on the U.S. 24 bridge continues with two-way traffic shifting from the eastbound lane to the westbound lane, controlled by temporary signals. This configuration is expected to last through October.

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You Decide 2024: Illinois House of Representatives District 67 race

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You Decide 2024: Illinois House of Representatives District 67 race


(WIFR) – With about a month left before the Nov. 5 general election, some northern Illinois voters have a chance to cast their ballot in the House of Representatives District 67 race. Incumbent Democrat Maurice West and Republican candidate Glen Oland will face off in a rematch.

In 2022, West beat the Republican challenger by 10% of the vote. As the two face off again, West believes he can build on his successes as he looks to win a fourth term.

“I want to ensure that the west side and south side of Rockford is getting the same opportunities as the east side of Rockford,” says West. “I want to make sure that Loves Park, Cherry Valley and New Milford know I’m not just not a Rockford rep, I’m a rep for even the smaller municipalities in my District.”

Oland believes it is time for change, specifically when it comes to the SAFE-T Act.

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“We are the only state in the nation that has that law,” states Oland. “I want to repeal that, and it’s a terrible thing to have to repeal stuff but that’s kind of where I’m at right now.”

Both candidates also prioritize bringing jobs to the district but, they have much different ways going about it.

“Once we get more people in the work force, now there’s more income tax coming in, there’s more of a tax base, now we can talk about lowering our taxes, now we can talk about lowering crime, that’s how we flank these issues,” explains West.

“He is always tax and spend, that’s not going to be the answer. Lowering taxes makes more jobs happen, and lowering taxes makes it so companies can be more profitable and so they can hire more people, and that’s the way it works, it doesn’t work the other way,” says Oland.

Stateline residents are reminded to make sure they are registered to vote in the Nov. 5 election. If you are unsure whether you’re registered, the Illinois State Board of Elections has a Registration Lookup Tool on its website. If you’re registered, it will also tell you your Election Day polling place. If you need to register to vote, you can find more information here.

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Early voting is underway in Illinois and continues through Monday, Nov. 4. For more information on early voting, click here.



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