Crypto Industry Drops $200 Million in Midterm Elections as Clarity Act Faces Deadline
The crypto industry is flexing its muscle in Congress ahead of the November midterm elections, having poured nearly $200 million into supporting pro-crypto candidates. This year's spending spree builds on last year's $170 million spent backing congressional hopefuls, many of whom won their seats and helped pass key legislation like the Genius Act.
The industry is pushing for a more sweeping bill called the Clarity Act, which would establish clear federal rules for digital assets and potentially boost adoption. However, with the Senate set to depart for August recess soon, time is running out for this bill to become law.
Fairshake, a major super political action committee created to support pro-crypto candidates, has raised over $136 million this election cycle and spent big on key races. According to FEC filings, Fairshake's Democratic affiliate spent $9.43 million backing Representative Barry Moore (R) of Alabama, who voted in favor of the Genius Act and has introduced bills to establish a strategic bitcoin reserve.
Other notable recipients of Fairshake funds include Andy Barr (R), who voted for both the Genius and Clarity acts, and Christian Menefee (D), a new Texas Representative who won his primary after being accused by longtime Rep. Al Green of being backed by the crypto industry's 'money.'