Crypto Shifts Focus to Senators After Congress Stalemate
MissedBlock Desk · · 2 min read
Updated
Crypto Shifts Focus to Senate Races After Congressional Setback
Two weeks after the Clarity Act failed to pass the Senate, the cryptocurrency industry has recalibrated its political strategy, now targeting Senate races. Stand With Crypto, an advocacy group founded by Coinbase in 2023, announced its first Senate endorsements on Wednesday, signaling a shift in focus from legislative halls to the campaign trail.
The group is backing Republican Jon Husted in his bid against incumbent Sherrod Brown, a Democrat who previously chaired the Senate Banking Committee and has been a vocal critic of the crypto industry. Brown’s potential return to the committee, which crafts regulations for the sector, makes the Ohio race particularly significant, according to the group.
Stand With Crypto has also endorsed Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire, who is challenging former Republican Senator John Sununu. On the House side, endorsements include Iowa Republican Mariannette Miller-Meeks and Alabama Democrat Shomari Figures, with additional advertising planned for six other races. The organization states its candidate selections are based on their stances on cryptocurrency, irrespective of party affiliation. In August, the group had already endorsed 32 incumbent House members.
While the financial backing for these efforts is substantial, Stand With Crypto does not make direct campaign donations. Instead, it evaluates candidates and mobilizes voters. The group’s executive director indicated that its three million supporters are now concentrating on electing candidates favorable to cryptocurrency. Candidates who receive high ratings from Stand With Crypto often attract funding from pro-crypto Political Action Committees. Notably, the Fairshake PAC has launched a $30 million campaign specifically targeting Senator Brown. The total political spending by the crypto industry in this election cycle is nearing $200 million.
It is worth recalling that the Clarity Act was defeated by a vote of 49 to 50, with all Democratic senators voting against it, citing concerns related to Donald Trump’s cryptocurrency ventures. Despite this, Stand With Crypto is supporting two additional Democratic candidates in the upcoming midterm elections, a strategy that may prove to be a calculated risk.