Key facts
- Crypto PACs are increasing campaign contributions to candidates in Democratic primaries.
- Lawmakers are working to advance the CLARITY Act through Congress.
- The CLARITY Act aims to establish a regulatory foundation for digital assets.
- There is a deadline of July 4 for advancing the CLARITY Act.
- Gaming industry groups are lobbying senators.
- Gaming groups want a ban on sports betting on prediction markets included in the CLARITY Act.
- Polymarket and Kalshi are examples of prediction markets.
- Mayor Mamdani used the term 'monsters' to describe AIPAC.
- Mamdani's remarks have drawn mixed reactions from his endorsed candidates.
- Endorsed candidates largely defend Mamdani's remarks as a critique of AIPAC's stance on Gaza.
Crypto political action committees are stepping up campaign contributions to candidates in crucial Democratic primaries, coinciding with efforts to pass the CLARITY Act through Congress. The CLARITY Act seeks to establish a regulatory framework for digital assets. Lawmakers and industry advocates are pushing for the bill's advancement before the July 4 recess. Concurrently, gaming industry groups are actively lobbying senators to incorporate a prohibition on sports betting related to prediction markets into the CLARITY Act. These prediction markets include platforms like Polymarket and Kalshi. The lobbying effort is occurring as the Senate endeavors to move the crypto bill forward, though negotiations are reportedly facing difficulties. In a separate development, Mayor Mamdani's recent characterization of AIPAC as 'monsters' has generated varied responses from candidates he has endorsed. While some of his allies have defended his rhetoric, others have remained silent. The endorsed candidates largely stand by Mamdani's remarks, interpreting them as a critique of AIPAC's support for the current situation in Gaza.