Crypto political action committees increase their primary campaign spending; the Clarity Act enters a critical window of opportunity.

According to a report by Crypto in America on June 22nd, ahead of the two-week recess of the US Congress this Thursday, the crypto industry is accelerating progress on the Clarity Act. Senators and industry representatives will continue consultations on issues such as the Agriculture Committee text, ethics clauses, and anti-money laundering measures, with the goal of pushing the bill to a Senate vote after the recess. Meanwhile, crypto political action committees are increasing their support for pro-crypto candidates. Fairshake's Protect Progress has invested approximately $5.5 million in Adrian Boafo, the Democratic primary candidate for Maryland's 5th Congressional District, and approximately $1.5 million in the re-election campaign of Representative Ritchie Torres for New York's 15th Congressional District. The Blockchain Leadership Fund, backed by Anchorage Digital and Chainlink, is also supporting Boafo. Furthermore, Fairshake spent approximately $12 million last week to help Barry Moore, the Republican Senate primary candidate for Alabama, win. Industry group Digital Chamber will hold a lobbying event on Capitol Hill this week to push for legislation on the Clarity Act and crypto tax rules. Sources say some betting industry groups want to include provisions banning sports betting on prediction market platforms in the bill, but such provisions are expected to struggle to gain sufficient support.