Crypto PACs Back Pro-Crypto Election Candidates As CLARITY Act Nears July 4 Deadline
Crypto political action committees (PACs) are ramping up campaign contributions ahead of crucial Democratic primaries this week, while lawmakers and industry advocates push to pass the CLARITY Act before the July 4 recess.
Fairshake affiliate Protect Progress has become a major financial backer of Maryland State Delegate Adrian Boafo, who is running to replace retiring Democratic Congressman Steny Hoyer in Maryland’s 5th District. The super PAC has spent approximately $5.5 million supporting Boafo’s campaign, making him one of the most heavily crypto-backed candidates this election cycle.
Boafo, a former campaign manager for Hoyer, faces over 20 Democratic rivals but leads in prediction markets. He has endorsements from Hoyer, Maryland Governor Wes Moore, and Senator Angela Alsobrooks, who has been influential in shaping federal digital asset legislation such as the GENIUS Act and the CLARITY Act. Boafo said, “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.”
Similar dynamics are playing out in New York’s 15th Congressional District. Protect Progress has allocated about $1.5 million to support Representative Ritchie Torres, a longtime crypto advocate and co-founder of the Congressional Crypto Caucus. Fellowship PAC has also spent approximately $300,000 on ads for Torres in his Democratic primary re-election bid.
These expenditures follow Fairshake’s largest spending effort of the cycle—$12 million in the Republican Senate primary runoff in Alabama to support Representative Barry Moore.
Meanwhile, the CLARITY Act is a focal point in Washington. Lawmakers are working to resolve outstanding issues, including committee language, ethics rules, and protections against illegal financing, before the July 4 recess. The U.S. Senate has scheduled multiple meetings this week to discuss the bill.
White House crypto advisor Patrick Witt and Senator Bill Hagerty have expressed optimism about the CLARITY Act passing by July 4. Crypto industry groups are also intensifying lobbying efforts. The Digital Chamber is hosting meetings between its members and lawmakers this week to advocate for the bill’s passage.
“The urgency to act on Clarity is increasing as the legislative calendar shrinks,” said Cody Carbone, CEO of the Digital Chamber. “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.”