Stand With Crypto Endorses Key Congressional Candidates Ahead of Midterms

Crypto industry spending on U.S. congressional candidates is intensifying ahead of the midterms, with Stand With Crypto endorsing Senate and House contenders in key races. The group, launched by Coinbase in 2023, has backed a slate of Republican and Democratic candidates, including Senate hopefuls Jon Husted, Ashley Hinson, and Chris Pappas.

Stand With Crypto is pushing for clear and common-sense regulation for the crypto industry, which could be impacted if there's a shift in House or Senate control. The Digital Asset Market Clarity Act failed a key Senate vote in September, and a change in party control could alter how lawmakers handle measures like this one.

Fairshake PAC, backed by Coinbase, Ripple Labs, and Andreessen Horowitz, has committed $30 million to support Husted over Sherrod Brown and spent $82 million nationwide as of June. The group's efforts are part of a broader push by the crypto sector to influence competitive congressional races before voters go to the polls in 34 days.