As U.S. Crypto Bill Stalls, Focus Shifts to Elections: Major Exchange-Backed Group Makes New Move!
Coinbase-backed Stand With Crypto announced its first endorsements of three Senate candidates and decided to increase ad spending in six House races after a crypto bill failed to advance in the U.S. Senate.
According to The Block, the crypto advocacy group expanded its election efforts with endorsements announced on September 30. The group’s director, Mason Lynaugh, said more than 3 million advocates had shifted their focus to electing candidates who support clear rules for the industry.
The move came after the CLARITY Act, which aims to establish federal rules for crypto markets, failed to advance in a Senate procedural vote on September 15. The group also updated its scorecard showing lawmakers’ positions on crypto to reflect the vote.
Three states featured in first Senate endorsements
Stand With Crypto announced its support for Jon Husted in Ohio, Ashley Hinson in Iowa and Chris Pappas in New Hampshire. The Ohio race is drawing attention because Husted is facing Sherrod Brown, the former Senate Banking Committee chair who has been skeptical of crypto.
Brown also faced a challenger heavily supported by the crypto industry in 2024. In that election, Fairshake, a political action committee backed by the industry, spent $12 million in Ohio on behalf of Bernie Moreno, who won the race.
Ad budget to increase in six House races
Alongside its Senate endorsements, the group announced that it would increase ad spending in six House races. The candidates in those races include Democrat Don Davis and Republican Bryan Steil. All of the newly endorsed House candidates voted for the CLARITY Act when it passed the House last year.
Last month, Stand With Crypto endorsed more than 30 House candidates. The latest additions include Democrat Shomari Figures and Republican Mariannette Miller-Meeks.
Past election support did not translate into support for the bill
Not everyone the industry backed in previous elections voted the same way in the latest crypto vote. Democratic senators Ruben Gallego and Elissa Slotkin, whom Fairshake supported in the 2024 elections, voted against advancing the CLARITY Act this month. This shows that electoral support for candidates does not always align with their later legislative choices.