Clarity Act Update: Crypto PACs support Pro-Crypto Candidates

Crypto-backed political action committee (PAC) has once again turned active in the US elections this week. This group is deploying millions into key congressional races.

Crypto advocates are pushing lawmakers to advance Clairty Act ahead of the July 17 deadline. This ramp-up spending is particularly visible in New York and Maryland, per Eleanor Terret from Crypto In America.

Clarity Act Update: Crypto Industry Amps Up Political Spending

Ahead of the U.S. state elections, crypto PACS have turned active once again. The biggest contest is unfolding in Maryland’s 5th Congressional District. There, the Fairshake affiliate Protect Progress has spent approximately $5.5 million. They are supporting Maryland State Delegate Adrian Boafo.

Boafo enters the crowded 23-candidate Democratic primary as the frontrunner. Senator Angela Alsobrooks backs him. She is a leading supporter of both the GENIUS Act and the Clarity Act.

Per the predictions and market data on Polymarket and Kalshi, Boafo has roughly an 80% chance of winning the race. Boafo has also introduced legislation to establish regulatory clarity for blockchain technology and digital assets in Maryland.

Thus, he has also got the backing from the Blockchain Leadership Fund, established by Anchorage Digital and Chainlink.

Another closely watched race on Tuesday is New York’s 15th Congressional District. Here, Protect Progress has spent approximately $1.5 million supporting incumbent Congressman Ritchie Torres. He is a very prominent crypto advocate.

Torres enters the Democratic primary as the overwhelming favorite against former Assemblyman Michael Blake. Fellowship PAC has added roughly $300,000 in advertising support for Torres.

Clarity Act: Us House to Have A Hearing on July 17

Attention in Washington, D.C. is increasingly moving towards the Clarity Act. Lawmakers race ahead of Congress’s two-week adjournment on Thursday, June 25. Digital Chamber CEO Cody Carbone told Crypto In America:

“The urgency to act on Clarity is increasing as the legislative calendar shrinks. 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.”

Amid this Congress adjournment, the deadline for the Clarity Act has been further moved to July 17. The U.S. House Financial Services Committee will hold the hearing on the respective date.

The hearing is titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation.” It is scheduled before the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, chaired by Bryan Steil.

The scheduling of a July 17 hearing suggests lawmakers expect discussions surrounding the CLARITY Act to extend beyond mid-July. Moreover, the development has raised doubts about the timeline of the bill’s approval.

Solana President Pushes for Clarity Act Passage

Crypto industry leaders have come forward to support the passing of the Clarity Act. Solana President Kristin Smith said that the legislation could shape the future of global finance. It could also provide long-awaited regulatory certainty for the crypto industry.

In a series of posts on X, Smith said the legislation has reached a critical stage. This happened after advancing through the Senate Banking Committee in early June.

She noted that the next phase will be decisive for the bill’s future. That includes Senate floor consideration, votes, and resolution of remaining policy issues.

“The Clarity Act is American leadership at its best that will define the next 250 years of global finance,” Smith said.

A central focus of Smith’s remarks was the Blockchain Regulatory Certainty Act (BRCA). According to Smith, BRCA would establish clear legal distinctions for blockchain infrastructure participants. It would do so by clarifying that developers of open-source software, node operators, and transaction validators.