Stand With Crypto, a Coinbase-backed advocacy group, warned of electoral consequences Tuesday after the Senate failed to advance the Clarity Act in a procedural vote.
The failed cloture vote halted movement toward Senate consideration of the bill, which would establish federal rules for digital assets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The measure needed 60 votes to advance.
In a statement following the vote, Stand With Crypto said it would add senators' votes to its lawmaker scorecards ahead of November's midterms. "Today's vote was a failure of leadership," executive director Mason Lynaugh said. "67 million crypto-owning Americans have waited years for the basic clarity needed to use, build, and invest in digital assets safely. Today, the Senate chose to keep them waiting."
The group wrote on X that crypto voters would "show up and demonstrate their power at the ballot box" this November, and highlighted that supporters called or emailed Congress nearly 50,000 times in August while organizing local events and placing opinion pieces in newspapers.
The setback followed last-minute negotiations over ethics restrictions, protections for software developers, and oversight of crypto trading businesses. Democrats submitted a counteroffer Monday after Republicans released revised legislation Sunday, leaving the sides divided ahead of the vote.
Banking groups separately sought tighter limits on stablecoin rewards, arguing that payments resembling interest could pull deposits from banks and reduce lending. Stablecoins are tokens typically pegged to the dollar.
Lynaugh said Stand With Crypto would continue mobilizing its three million grassroots advocates to push for passage. "The results of today's vote make it clear which officials are with our community, and which are against us," he said.
