Crypto Industry Shifts Focus to Senate Elections

The crypto industry has shifted its focus from lobbying Congress to targeting specific senators in the upcoming midterm elections. Stand With Crypto, an advocacy group founded by Coinbase in 2023, has released its first list of Senate endorsements, naming Republican Jon Husted as a top pick against Democratic incumbent Sherrod Brown. Brown, who previously chaired the Senate Banking Committee, has been a vocal critic of crypto and would likely play a key role in shaping industry regulations if he wins.

The group has also endorsed Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire, both of whom are running against former senators. On the House side, Stand With Crypto is backing several candidates, including Mariannette Miller-Meeks in Iowa and Shomari Figures in Alabama. The group's executive director notes that its three million supporters are focused on electing pro-crypto candidates, with a significant portion of the money coming from crypto-aligned PACs.

Total crypto political spending this cycle is approaching $200 million, with Stand With Crypto's efforts being felt across several key races. While some may view the group's endorsement of two Democrats as counter-intuitive, its executive director notes that the decision is based on each candidate's stance on crypto issues rather than party affiliation.