Stand With Crypto Shifts Focus to Elections Amid Stalled Crypto Bill
The crypto industry's advocacy group, Stand With Crypto, has shifted its focus to supporting pro-crypto candidates in the upcoming US elections. This move comes after a bill aimed at establishing federal rules for crypto markets failed to advance in the Senate.
Stand With Crypto announced its first endorsements of three Senate candidates: Jon Husted in Ohio, Ashley Hinson in Iowa, and Chris Pappas in New Hampshire. The group also increased ad spending in six House races, including those featuring Democratic candidate Don Davis and Republican Bryan Steil.
The move is significant because it shows that the crypto industry is willing to put its weight behind candidates who support clear rules for the industry. However, past election support does not always translate into legislative choices, as seen with Democratic senators Ruben Gallego and Elissa Slotkin, whom Fairshake supported in previous elections but voted against advancing the CLARITY Act this month.