Overview
- Stand With Crypto has released a bipartisan list of endorsements for Senate and House candidates, marking its initial Senate choices.
- The organization evaluates candidates based on their cryptocurrency policies, independent of party affiliation, and is increasing its advertising efforts in six House races after previously endorsing 32 House incumbents.
- This initiative comes on the heels of the Clarity Act's narrow defeat in the Senate and amidst significant political investment in the crypto sector.
Stand With Crypto, an advocacy organization launched by Coinbase in 2023, revealed its bipartisan endorsements for Senate and House candidates on Wednesday, intensifying its electoral campaign approximately a month before the midterm elections and shortly after the Senate's failure to pass the Clarity Act.
The group’s first Senate endorsements cover three races, including support for Republican Senator Jon Husted in Ohio, who is competing against Sherrod Brown, a former Senate Banking Committee Chair and a known critic of cryptocurrency.
Myriad: Predict the outcome of the midterm elections.Additionally, the group has endorsed Republican Ashley Hinson, who is campaigning for a Senate seat in Iowa, and Democrat Chris Pappas, who is contesting against former GOP Senator John Sununu in New Hampshire. Stand With Crypto emphasizes that its candidate selections are based on their cryptocurrency policy stances, irrespective of party lines.
For the House endorsements, the group supports Republican Mariannette Miller-Meeks from Iowa and Democrat Shomari Figures from Alabama, and it plans to increase its advertising presence in six House campaigns. This follows an earlier endorsement in August of 32 House incumbents deemed "proven digital asset policy champions."
The timing of these endorsements is significant, especially in light of the recent failure of the Clarity Act and the implied warnings from the lobbying group towards lawmakers who opposed it.
The Senate's attempt to advance the Clarity Act was thwarted in a 49-50 vote last month, with Democrats uniting in their opposition due to concerns surrounding President Donald Trump's cryptocurrency dealings. Stand With Crypto interpreted this setback as a pivotal moment, cautioning that senators' votes would be reflected on its public scorecard and that supporters would hold lawmakers accountable at the polls.
Executive Director Mason Lynaugh noted that the group, which boasts over three million advocates, is now entirely dedicated to electing candidates who support cryptocurrency.
The endorsements come amid a surge in political funding from the cryptocurrency sector. Unlike super PACs, Stand With Crypto does not make direct contributions to campaigns but focuses on mobilizing voters and evaluating candidates through its Voter Hub.
However, candidates that receive favorable ratings often attract support from industry-aligned PACs. For instance, the Fairshake super PAC has initiated a $30 million campaign against Brown, and total political spending related to cryptocurrency has neared approximately $200 million for the current election cycle.
The endorsement of Husted highlights the importance of the race. Should Brown win, it would empower critics of cryptocurrency on the Senate Banking Committee, making Ohio a critical battleground to assess the effectiveness of the industry's political influence.
As it stands, the grassroots message from the crypto sector is clear: with legislative progress stalled, the focus shifts to the campaign trail.