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The encryption industry is accelerating the push for the implementation of the "Clarity Act," with large political donations simultaneously increasing.
Fairshake's Protect Progress has invested approximately $5.5 million in Democratic primary candidate Adrian Boafo for Maryland's 5th district and about $1.5 million in the re-election campaign of Ritchie Torres, a representative for New York's 15th district. Supported by Anchorage Digital and Chainlink, the Blockchain Leadership Fund also participates in supporting Boafo. Additionally, Fairshake spent about $12 million last week to help Alabama Republican Senate primary candidate Barry Moore win. Industry organization Digital Chamber will hold lobbying activities on Capitol Hill this week to promote legislation for the Clarity Act and crypto tax rules.
Sources say some gambling industry groups hope to include provisions banning prediction market platforms and sports betting in the bill, but related content is unlikely to garner enough support.