Crypto Political Action Committee Increases Primary Spending, <i>Clarity Act</i> Sees Key Advancement Window

BlockBeats News, June 22nd. According to Crypto in America, as the US Congress entered a two-week recess before this Thursday, the cryptocurrency industry is actively advancing the Clarity Act. Senators and industry representatives will continue to negotiate on the Agriculture Committee text, ethics provisions, and anti-money laundering issues, with the goal of moving the bill to the Senate floor for a vote after the recess.

Meanwhile, the Cryptocurrency Political Action Committee continues to increase its support for pro-crypto candidates. Protect Progress, a subsidiary of Fairshake, has invested approximately $5.5 million in Maryland's 5th District Democratic primary candidate Adrian Boafo and about $1.5 million in the re-election campaign of New York's 15th District Congressman Ritchie Torres. The Blockchain Leadership Fund, supported by Anchorage Digital and Chainlink, is also involved in supporting Boafo.

In addition, Fairshake allocated around $12 million last week to help Alabama Republican Senate primary candidate Barry Moore secure victory.

The industry organization Digital Chamber will hold a lobbying event on Capitol Hill this week to promote the Clarity Act and cryptocurrency tax legislation. Sources indicate that some gambling industry groups are seeking to include provisions in the bill that would ban prediction market platforms for sports betting, but it is expected that this content will struggle to garner sufficient support.