The crypto industry is redirecting its political efforts toward individual Senate races after the Clarity Act failed to advance in Congress. Stand With Crypto, an advocacy group started by Coinbase in 2023, announced its initial Senate endorsements on Wednesday, marking a shift from broader legislative battles to targeted campaign support.
The group endorsed Republican Jon Husted in Ohio against incumbent Senator Sherrod Brown, who previously chaired the Senate Banking Committee and has been a vocal critic of cryptocurrency. Stand With Crypto also backed Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire. On the House side, the organization is supporting Iowa Republican Mariannette Miller-Meeks and Alabama Democrat Shomari Figures, with additional advertising planned in six races.
Stand With Crypto does not directly donate to candidates but instead grades them on their crypto positions and mobilizes its supporters, regardless of party affiliation. The organization's executive director stated that its three million supporters are now focused on electing pro-crypto candidates. The group previously endorsed 32 House incumbents in August.
Political spending in the crypto sector has grown substantially this cycle. While Stand With Crypto operates as a voter mobilization and grading organization, candidates it rates favorably tend to attract funding from crypto-aligned PACs. The Fairshake PAC launched a $30 million campaign against Sherrod Brown, and total crypto political spending this cycle is approaching $200 million.
The Clarity Act failed 49 to 50 in the Senate, with every Democrat voting against it due to concerns about connections to Trump's crypto interests. Notably, Stand With Crypto is backing two Democratic candidates despite the party's unified opposition to the recent legislation.
