Crypto Industry Prepares for Election Spending Push After Clarity Act Stalls

The Clarity Act, a bill aimed at improving market structure for digital assets in the US, has stalled in the Senate after failing to advance to a full vote. The bill was voted down by 49 votes in favor and 50 against on September 15, with some industry advocates not ruling out a potential revote before the next session.

The failure of the Clarity Act has led to concerns that the crypto industry could sharply expand its political spending in the upcoming 2026 US midterm elections. Fairshake, a PAC backed by Coinbase and Ripple Labs, plans to spend $30 million on a specific candidate, Sherrod Brown, who served as chairman of the Senate Banking Committee when Democrats held the majority.

Brown has shown a critical stance on crypto, and the industry believes his return could become a burden in any future push to revive the Clarity Act. Politics and markets are seeing the vote as a turning point that will shape the 2027 legislative environment, with economist Paul Krugman predicting that if Brown wins, Democrats could hold a decisive vote if they become the Senate majority.