Crypto Industry Shifts Focus to Senate Elections Amid Regulatory Uncertainty

The U.S. cryptocurrency industry is shifting its focus from legislative lobbying to election intervention after Senate legislation was blocked, according to recent developments.

Stand With Crypto, a political advocacy group created by Coinbase in 2023, has released its first list of endorsed Senate candidates, with the group backing Republican Jon Husted in Ohio and Democrat Chris Pappas in New Hampshire.

The move is seen as a response to the failure of the Clarity Act, which was voted down in the Senate on October 1. The bill failed to pass by 49-50, with all Democratic lawmakers voting against it due to concerns surrounding Donald Trump's personal crypto business.

Stand With Crypto's executive director noted that its 3 million supporters are now fully focused on electing pro-crypto candidates, and candidates rated highly by the group also attract funding from crypto-oriented political action committees. The total crypto political spending for the full election cycle is nearing $200 million.