Crypto PACs Target Maryland, New York Primaries as Clarity Act Faces Critical Week Ahead of July 4 Recess
Crypto money targets key Democratic primaries as lawmakers race to prepare market structure legislation for a Senate floor vote
Welcome to the Monday edition of the Crypto In America newsletter!
What you'll read: Crypto PACs pour millions into Maryland's 5th District race and Rep. Ritchie Torres' primary, the Clarity Act takes center stage before Congress leaves for recess, what to watch this week, and more.
Crypto campaign cash returns to the spotlight this week as Fairshake affiliate Protect Progress racks up another major spend in support of Maryland State Delegate Adrian Boafo’s bid to succeed retiring Democratic Rep. Steny Hoyer (D-MD) in Maryland’s 5th Congressional District.
With Democratic primaries set for Tuesday, the pro-crypto super PAC has spent roughly $5.5 million backing Boafo so far, while the Blockchain Leadership Fund, established by crypto firms Anchorage Digital and Chainlink, has also thrown its support behind his campaign.
Boafo, who previously served as Hoyer’s campaign manager, will face 22 other Democratic candidates but enters the race with an edge, with traders on Kalshi and Polymarket giving him roughly a 80% chance of victory. He has also secured several high-profile endorsements, including from Hoyer himself, Maryland Governor Wes Moore, and freshman Senator Angela Alsobrooks (D-MD), a key architect of the GENIUS and Clarity Acts.
Boafo, for his part, is also running as a pro-crypto candidate after introducing legislation aimed at providing regulatory clarity for digital assets and blockchain technology in Maryland.
“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,” Boafo told Crypto In America.
Another race to watch on Tuesday is New York’s 15th Congressional District, where Protect Progress has spent roughly $1.5 million backing pro-crypto Rep. Ritchie Torres as he enters the Democratic primary as the overwhelming favorite against former Assemblyman Michael Blake and a handful of lesser-known challengers.
Fellowship PAC has also reported spending roughly $300,000 on ads supporting Torres, a longtime crypto supporter who co-founded the Congressional Crypto Caucus with Rep. Tom Emmer (R-MN).
Last week, Fairshake notched its biggest spend of the cycle, pouring roughly $12 million into helping Rep. Barry Moore (R-AL) defeat former Navy SEAL Jared Hudson in Alabama’s Republican Senate primary runoff.
Clarity Crunch Time
Pro-crypto senators and industry advocates are expected to push to make as much progress as possible on the Clarity Act before lawmakers leave for a two-week recess on Thursday.
Member meetings and staff-level negotiations aimed at resolving outstanding issues on provisions in the Agriculture Committee text, ethics language, and illicit finance, are expected to continue throughout the week.
Meanwhile, industry advocates will maintain a strong presence on Capitol Hill. The Digital Chamber will host an advocacy day Tuesday, bringing more than 50 members to meetings with senators and staff to advocate for passage of the Clarity Act. The group will follow that effort Wednesday with a tax-focused fly-in, during which members will meet with House offices to discuss crypto tax clarity and recent legislative drafts from the Ways and Means Committee.
“The urgency to act on Clarity is increasing as the legislative calendar shrinks,” Digital Chamber CEO Cody Carbone told Crypto In America. “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.”
National, tribal, and state gaming groups are also expected to be active on Capitol Hill this week as they lobby senators to include language in the Clarity Act that would prohibit sports betting on prediction market platforms such as Kalshi and Polymarket.
Sources close to the negotiations say prediction market-related provisions are unlikely to gain traction as lawmakers focus on resolving other outstanding issues before bringing the Clarity Act to the Senate floor after recess.
👀 What To Watch This Week
Monday
The SEC and CFTC open a 60-day joint public comment period seeking feedback on ways to harmonize and streamline reporting requirements across the swap and security-based swap markets.
Tuesday
10:00 a.m.: The Senate Banking Committee will hold a hearing on affordability.
The Digital Chamber will hold a “fly-in” on market structure.
Wednesday
10:00 a.m.: The House Financial Services Committee will hold a hearing on the future of payments.
The Digital Chamber will hold another “fly-in” focused on tax policy.
Thursday
8:30 a.m.: The Commerce Department releases its final estimate of Q1 GDP, along with the personal consumption expenditures (PCE) index for May.
10:00 a.m.: The House Financial Services Committee will hold a hearing on “The Future of How America Invests.”
2:00 p.m.: The House Oversight Subcommittee on Military and Foreign Affairs will hold a roundtable on the national security implications of digital assets, including their role in promoting financial freedom under authoritarian regimes.
Friday
10:00 a.m.: The University of Michigan releases its final June consumer sentiment survey.
Weekend News Flash
ICYMI: The biggest headlines from Friday and the weekend.
Bitcoin is hovering around $65,000 to start the week, while the broader crypto market is mixed as investors weigh progress in U.S.-Iran talks after the two sides agreed to a 60-day roadmap toward a final deal.
Former Federal Reserve Chairman Alan Greenspan, who led the U.S. central bank from 1987 to 2006, died Monday at the age of 100.
Crypto exchange OKX has launched a joint venture with New York Stock Exchange owner Intercontinental Exchange, with former New York Governor Andrew Cuomo set to lead the effort.
Franklin Templeton filed for the Franklin U.S. Equity Bitcoin DRIP Index ETF, which would reinvest stock dividends into bitcoin exposure.
Rep. Bryan Steil (R-WI) introduced legislation to ban lawmakers and their families from placing bets on political and policy outcomes in prediction markets.
Crypto, blockchain analytics firms and payment companies including PayPal, TRM Labs, Chainalysis and Luno commit to disrupt financial flows linked to the illegal wildlife trade.
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