Two weeks after the Clarity Act failed in the Senate with a 49 to 50 vote, the crypto industry has shifted its political strategy. The advocacy group Stand With Crypto, founded by Coinbase in 2023, is now focusing its efforts on the campaign trail to support pro-crypto candidates.
The organization has endorsed Republican Jon Husted in his race against Sherrod Brown in Ohio. Brown, a former head of the Senate Banking Committee, is a vocal critic of the industry. Additionally, the group is backing Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire.
For the House of Representatives, the group supports Republican Mariannette Miller-Meeks and Democrat Shomari Figures, with plans for further advertising in six additional races. In August, the organization already endorsed 32 House incumbents.
While Stand With Crypto does not donate directly, it mobilizes its three million supporters to elect favorable candidates. The broader crypto industry has seen political spending reach $200 million this cycle, including a $30 million campaign by the Fairshake PAC targeting Sherrod Brown.
