Crypto PACs Direct $3 Million to Maryland Election Race

As congressional primary elections are underway in the U.S. states of California, Iowa, Montana, New Jersey, New Mexico, and South Dakota, the cryptocurrency industry is shifting its focus to elections in Maryland. According to Federal Election Commission (FEC) data, Protect Progress, a subsidiary of the Fairshake PAC backed by Coinbase and Ripple, has spent nearly $3 million to support Democratic candidates in California and New Jersey. Cointelegraph.com reported this. reports .

Additionally, another subsidiary, Defend American Jobs, has allocated over $411,000 for the re-election of Republican Senator Mike Rounds in South Dakota. Crypto PACs plan to be active not only in current elections but also in the Maryland primaries scheduled for late June. Specifically, over $3.1 million has been directed to the campaign of Democrat Adrian Boafo in Maryland's 5th District.

Today's races in California will once again test the cryptocurrency industry's influence on U.S. elections. Last week, candidates supported by Fairshake and other PACs won in Texas. Fairshake announced that as of January, it holds a budget of over $193 million. Furthermore, structures such as the Fellowship and the Blockchain Leadership Fund, financed by companies like Cantor Fitzgerald and Anchorage Digital, have also become active in the political arena.

Fairshake makes no secret of its intention to oust lawmakers it deems 'anti-crypto,' including representatives like Al Green who voted against bills related to stablecoins and the digital asset market. The Texas lawmaker lost his primary after Protect Progress spent $5 million supporting his opponent.

Meanwhile, the Digital Asset Market Clarity (CLARITY) Act is under consideration in the U.S. Senate. Senator Lummis noted that if this legislation is not passed, China could set the rules for the new financial era. Two different versions of the bill are currently expected to be merged and put to a vote.