Crypto PACs Back Pro-Crypto Election Candidates As CLARITY Act Nears July 4 Deadline

Crypto political action committees (PACs) are pumping up campaign cash contributions ahead of crucial Democratic primaries this week. Meanwhile, legislators and industry advocates work to get the CLARITY Act through Congress before the July 4 recess.

Crypto PACs Ramp Up Action Amid U.S. Election Primaries

Fairshake affiliate Protect Progress has become a big financial contributor to Maryland State Delegate Adrian Boafo. He is running to replace retiring Democratic Congressman Steny Hoyer in Maryland’s 5th District. The super PAC has spent about $5.5 million supporting Boafo’s campaign, and he is one of the top-resourced crypto-backed candidates so far this election cycle.

For context, Boafo, who was a campaign manager for Hoyer, faces over 20 Democratic rivals. He currently leads the pack in the prediction market. Moreover, he also has endorsements from Hoyer, Maryland Governor Wes Moore and Senator Angela Alsobrooks to his name. Alsobrooks has been a key figure to influence federal digital asset legislation, such as the GENIUS Act and the CLARITY Act.

The Maryland legislator has established himself as a champion of innovation and regulation of crypto and blockchain. When it comes to policy, Boafo stated, “I’m proud to be a strong advocate for policies that create new economic opportunities for Marylanders in the 5th Congressional District, and digital assets are no exception.”

The same sentiment is seen in New York’s 15th Congressional District. Also, Protect Progress has allocated about $1.5 million to support longtime crypto advocate and co-founder of the Congressional Crypto Caucus Rep. Ritchie Torres. Fellowship PAC has also dumped approximately $300,000 into ads for Torres in his bid for re-election Tuesday in the Democratic primary.

The new expenditure comes after Fairshake’s biggest spending effort of the election cycle. At the time, some $12 million was put into the Republican Senate primary runoff in Alabama to help Rep. Barry Moore.

CLARITY Act Urgency Grows Ahead of July 4 Recess

Meanwhile, the spotlight has been on the CLARITY Act in Washington. Lawmakers are trying to hash out any lingering problems before heading into the next congressional recess. Talks are ongoing for a few aspects, such as committee language, ethics rules and protection against illegal financing. The U.S. Senate has lined up several meetings to discuss the bill.

Also, White House crypto advisor Patrick Witt and Senator Bill Hagerty remain hopeful on the CLARITY Act passage by July 4. In addition, crypto industry groups are also ramping up their lobbying. The Digital Chamber is hosting meetings between its members and lawmakers this week to push for the law to pass.

“The urgency to act on Clarity is increasing as the legislative calendar shrinks,” Digital Chamber CEO Cody Carbone said, per Crypto In America report. He added, “We remain committed to getting market structure to the President’s desk this year, ensuring the U.S. has a robust regulatory foundation for digital assets.”

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