Stand With Crypto Backs Bipartisan Slate After CLARITY Act Fails

Stand With Crypto (SWC), a US-based crypto advocacy organization, has endorsed dozens of bipartisan candidates ahead of the midterm elections. The organization, which has over three million advocates, is backing candidates who supported key pro-crypto bills in the House, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Digital Asset Market Clarity (CLARITY) Act.

The CLARITY Act, which was described as crypto's marquee legislation this year, received 49 yes votes in the Senate but failed to pass due to the need for 60 votes. Many Democratic senators voted against the bill despite getting concessions from their Republican counterparts.

SWC's executive director, Mason Lynaugh, said the organization is shifting its focus to ensuring pro-crypto champions are in office to carry forward the fight for clear rules of the road. The organization will spend more on advertising in six House races, including for North Carolina Democratic Rep. Don Davis.